There is a misconception that only those who are buying their homes are eligible for personal property insurance. This is simply not true. Those who are renting apartments, condos, or other types of dwellings are eligible for renter's insurance, and having this type of insurance is a very good idea for many people. As you might imagine, renter's insurance does not cover the actual structure of the building. The owner of the structure will have his or her own policy for that