Although renting a property is not subject to the same liability as owning a property, renters can still benefit from property insurance. Renter’s insurance typically covers the cost of replacing personal items that are stolen, damaged, or destroyed. Additionally, renters, like owners, have potential liability to anyone injured on the occupied property. Renter’s insurance policies are similar to homeowners’ insurance policies but have no coverage for buildings or structures. Although renter’s insurance is not usually required by the terms of some leases, tenants may be required to have insurance to cover their liability exposure if someone is injured on the premises, or if damages occur from items owned by the renter, such as waterbeds.