Is Rental Insurance Cheaper Than Homeowners Insurance? 
Renters insurance is commonly called a tenant policy . Yes , tenant policies are cheaper than homeowners . Although the policies are similar , the homeowners policy protects the building itself , the renters does not -LRB- that is the landlords concern . -RRB- Both policies have a section that is largely overlooked and that is liability coverage . Whether you own or rent , a lawsuit can ruin your day . 