home insurance vs. renters insurance

How Is Home Insurance Different From Renters Insurance?

Regardless of whether you rent or own your home, you should protect your property and its contents with insurance. If you own a home, homeowners insurance will protect your home and possessions. If the home is, instead, a rental, the property itself would be insured by your landlord, but you will need a renters insurance policy to insure the contents of the home. 

To learn the difference between homeowners and renters insurance, continue reading. 

What Is Homeowners Insurance?

Homeowners insurance is a type of insurance that protects a person’s home and belongings. These policies also protect you from personal liability when someone is injured on your property. With homeowners insurance, you can prevent financial stress when something goes wrong at your house or on your property. 

What is Renters Insurance?

Renters insurance doesn’t protect the actual property you are living in. Instead, it provides you with coverage that protects your personal belongings in the home. The property owner’s insurance does not protect your items, so buying renters insurance is important. With renters insurance, property that is damaged or lost can be replaced at little cost to the tenant. 

The Difference Between Renters and Homeowners Insurance 

Homeowners insurance is different from renter’s insurance because it is typically used to protect the actual building you are living in. Renters insurance, on the other hand, only protects your possessions. When you rent, the property you are living in is insured by the landlord, not the tenant. Therefore, you can only purchase coverage that protects your property and lowers your personal liability. 

Do I Need Insurance?

It’s always a good idea to protect your home and possessions with insurance. If you don’t, acts of nature and other incidents, like theft, can cost you a fortune. To get the coverage you need, contact one of the talented agents at SBHS. We’ll help you find a home or renters insurance plan that fits your unique needs. To get in touch, call us at 844-657-0231.