A tenant is most likely to have an insurable interest in the property they rent:

A tenant has an insurable interest in the property they rent primarily under contract. This arises from the rental agreement or lease that establishes the tenant's rights to use and occupy the property for a specified period. The lease typically outlines the responsibilities of both the landlord and the tenant regarding the maintenance and insurance of the property.

Because the tenant holds the right to occupy and benefit from the property during the lease term, they can insure their possessions within the rented space and may also have an interest in the property itself concerning liability for damages or loss. Thus, this contractual relationship creates a recognized insurable interest.

In contrast, while common law, statutory law, and various legislative acts may govern aspects of the landlord-tenant relationship, it is the contract—the lease agreement—that specifically grants the tenant their insurable rights in the property rented.