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Renter's insurance policies are designed to cover you in the event of damage or loss of your personal property. Renter's insurance will also protect you in the event you are responsible for personal injury or property damage to guests in your rental. Landlords home insurance will just cover the building from any damage not your possessions inside. It is a good idea to get renter's insurance; it is usually a small price to pay to cover your possession in case of an emergency.