Renters insurance is stand-alone insurance available to renters of apartments, single family homes, duplexes, condos, or townhomes. It protects the insured against property damage, liability, and provides living expenses in the event the structure becomes unlivable. The insurance does not protect the structure, which is what homeowners insurance does and is required by the landlord.
The cost of renter’s insurance is dependent on which possessions the insured is covering and how much liability protection they need. Liability protection covers what the landlord’s insurance does not. The living expense portion is often set by the insurance company and can’t be changed.