Homeowners and Renters Insurance Policies are both important ways to reduce risk. Here is some helpful information explaining how they differ.
Our Analysis
Which type of insurance do I need?
Homeowners Insurance is for someone who owns their house. A mortgage company usually requires it.
Renters Insurance is for someone who rents the place where they live. A landlord may require it. Landlords typically have insurance to cover the structure of the building, while Renters Insurance covers your personal belongings and liability.
What does it cover?
Homeowners Insurance is a policy that covers the dwelling, personal property, liability and temporary additional housing expenses for a home you own.
Renters Insurance is a policy that covers your personal property, liability and temporary additional housing expenses for a place you rent.
How does it differ?
Homeowners Insurance covers the structure of your home. Renters Insurance covers what’s inside your unit, among other things.
The cost of Homeowners Insurance premiums is much higher than Renters Insurance premiums. This is primarily due to the cost of rebuilding the home you own if it is destroyed.
Policy limits and deductibles may vary depending on several factors.
The Big Takeaway
Whether you own or rent your home, The Whitlock Group has over 30 years of experience advising our clients about Homeowners and Renters Insurance.
If you have questions about your current policy or would like a quote, please contact Kristi Flynn.