Tenant insurance works similar to any other type of property insurance. The type of insurance you need depends on whether you’re an owner, tenant or landlord. This helps to make sure you get the right coverage at the right price. When it comes to renting, there are two types of insurance coverage needed. Your landlord has insurance that specifically covers damage to the structure of their property. As the tenant, your landlord’s insurance doesn’t protect your stuff, so you need tenant insurance for that.