Renters insurance is considerably less expensive than homeowners insurance. Yet a 2006 Insurance Research Council survey revealed that while 96% of people who own their own homes have a homeowners insurance policy, only 43% of those who live in rented homes have a renters insurance policy. Like home owners, renters have personal property worth protecting and with most renters insurance policies only costing between $10 and $20 a month , renters insurance is one of the greatest values on the insurance market today.