How tenant insurance works How tenant insurance works How does it help me? You get financial protection if the things you own are damaged or stolen. From fire and water damage to theft and break-ins, tenant insurance covers the cost to repair or replace your personal property so that you don’t have to. Do I need tenant insurance? You won’t be breaking any laws without it, but you’ll be risking a lot of personal cost if something happens to your stuff. Some landlords will require that you have insurance to rent a place. How much coverage do I need? That depends on what you need to protect! Before buying insurance, do an inventory of your belongings to determine how much coverage you need. What if my landlord has insurance? Your landlord’s insurance protects their property, not yours. If something happens, your landlord's insurance won’t cover the cost to replace the stuff you own, or provide you with liability coverage.