Condo insurance is different from renters insurance because when you buy a condo you own it, and are considered a homeowner. Renters (or tenant) insurance is for those who pay rent to an owner or landlord of the property. Because you own a condo, a condo insurance policy covers damage to the physical structure of the building, much the same as if you owned a house. Renters insurance only covers what's inside the rental property or unit.