If you're renting a home or an apartment you need renters insurance. Renters insurance is valuable protection that covers your personal belongings and provides you with liability coverage . A lot of people think that the landlords insurance policy also covers their things, this is a myth. The landlords policy only covers the actual structure. Insurance for renters is a must have! Renters insurance covers your clothes, furniture, electronics, etc. Even if you don't think you own a lot of stuff replacing it could cost more than you think. The cost of renters insurance is often less than $15 a month.