A Few Differences Between Homeowner’s Insurance and Renter’s Insurance

Your items and home need protection, whether you’re buying a home or renting it is entirely inconsequential. If you’re in a rental property, your landlord insures the property, while you’d be responsible for insuring the contents of your “home”.

Renter’s Insurance

You don’t own the property, you’re renting it. Your landlord covers the property with homeowners or other tiers of property insurance, obviously. You, however, own a lot of stuff, and that needs coverage too. That’s where renter’s insurance comes in to save the day. Renter’s insurance reimburses you for the replacement cost of the property that is damaged by a covered peril while in your rental home. This tier of insurance also extends coverage to contents within your means of transportation, in case something is stolen from your vehicle. This also could include your bicycle, if you use it as a means of transportation this would extend to covering if it is stolen while you’ve secured it and are working or doing other things or totaled in an accident while utilizing it. You also get a liability policy, which means you have a degree of protection if you cause harm to someone by negligence or accident. So, you basically get all of the coverage afforded to you by homeowner’s insurance, with a lower price tag.

Homeowner’s Insurance

You own the property and this insurance covers you to replace, or rebuild the property in the case of a total loss, and all of your personal property within it. A homeowner with a mortgage is usually required, by their lender, to purchase homeowner’s insurance. They need you to secure your investment, and theirs until you fully pay off your loan. The price tag of homeowner’s insurance is also a tad bit higher, but you’re covering the structure of your home, as well as the structures within your property limits. Since you’re covering not only your home’s great bones and all of the items within that will be a little bit more of a risk to your insurer, versus the cost of just insuring the contents of a rental property.

If you need to better understand your property coverage or have your coverages reviewed for a claim Gables Insurance Recovery’s team is ready to ensure you receive the correct reimbursement that is stipulated within your policy for a covered peril or claim.