Facts About Home Insurance
Whether you own the property that you live on or whether you are renting, you need to have insurance coverage to guard against disasters and losses.
Homeowners and Renters Policy Types: The Differences
A homeowners policy is for people who own their own home. This type of policy will cover both the outside of the home and all the contents of your home. It will cover losses due to fire, weather damage and theft, allowing you to replace or rebuild damaged property. Certain disasters like floods may be excluded but you may add a separate policy for that specific purpose. Homeowner's insurance also provides liability coverage in the event that any non-residents are injured on your property.
A renter's policy includes the contents of the home or apartment that you are renting. This is coverage for break-ins, natural disasters, fires, and other circumstances that are beyond your control. Even though your landlord will have an insurance policy on the building where you are living, it does not cover your own personal items as a renter.