Tenant insurance and condo insurance both protect your belongings, personal liability, and extra living costs after an insured loss, but they are built for different living situations. In Canada, tenant insurance, often called renters insurance or rental insurance, is for people who rent their home, while condo insurance is for people who own a condominium or strata unit. The simplest rule is this: renters protect what they bring into the home; condo owners protect what they own inside the unit, plus gaps their condo corporation’s policy may leave.