Renters' insurance is an insurance policy which provides most of the benefits of homeowners' insurance. Renters' insurance does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure. This provides liability insurance.
Personal property coverage, a typical component of renters insurance, may help cover the cost of replacing your stuff if it's unexpectedly damaged or ruined. That protection generally applies to certain risks (also referred to as "perils"), such as fire and theft, the Insurance Information Institute (III) explains.