Renters Insurance The average burglary results in approximately $3,000 worth of property loss.* Disaster can strike whether you own or rent your home, and renters often opt for renters insurance to protect themselves and their belongings. If you are renting your home, your landlord or association may have insurance, but it won’t cover your personal belongings from damage or theft. Your home contains some of your biggest investments. It’s important to help protect against risks to it, be it a fire, theft, or weather damage, even if you don’t own the property.As with homeowners insurance, renters insurance covers most natural disasters with a few exceptions (such as floods and earthquakes). There are also two primary types of renters insurance. Actual cash value will cover the value of the items when they were damaged or stolen while replacement cost coverage will cover the cost to replace the items.*“How and When to File Condo Insurance Claims.” Trusted Choice.