If you own a rental property or if you are tenant, then you need separate policies and need to purchase your own insurance policies. The landlord insurance covers your home or building against risks from fire, storm, vandalism, accidents caused by tenants, theft of your property by tenants and various other catastrophes.
Renters insurance is for anyone renting a house, apartment, room or anything else. It is specially designed for people living in rented properties. When you are renting, taking a Renters insurance will help you cover your possessions and support you for unexpected expenses.