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What is Renters Insurance and How is It Different from Homeowners Insurance?

Most people know that you need home insurance if you own your own home and rent insurance if you’re renting an apartment or condo, but they might not know the differences between renters insurance and homeowners insurance, nor whether or not they actually need one or both types of coverage. Before reaching out to the best homeowners insurance Florida companies, we’ll explain what renters insurance and homeowners insurance are, how they’re different from each other, and why you should (or shouldn’t) get each type of coverage.

Why Should I Buy Renters Insurance or Homeowners Insurance?

The answer to that question really depends on where you live. But as a general rule, if you’re renting or leasing your home or apartment, homeowners insurance should be sufficient for your needs. However, if you’re interested in protecting your belongings from natural disasters like fires, floods, and tornadoes—which can wreak havoc even in areas without high risk of theft—renters insurance is probably a good idea.

Differences Between Renters Insurance and Homeowners Insurance

While you might think renter’s insurance is just a cheaper version of homeowners insurance, there are actually some key differences between these two types of policies. Although both are designed to protect your home (the building) and belongings from certain risks, they often differ in terms of coverage options and available discounts. To start with, if you live in an apartment or condo, then renters insurance may be your only option—especially if your landlord doesn’t require additional coverage. In contrast, most home owners also have renters insurance even though many people mistakenly believe their homeowner’s policy will cover them as well. (Hint: It won’t.) It’s important to know that most standard homeowners policies don’t cover rentals because they aren’t part of your permanent home.

What’s Covered by Renters Insurance but Not Homeowners Insurance?

Renter’s insurance will protect you from theft, fire, vandalism, or natural disasters. It also comes with liability coverage that protects you in case someone gets hurt at your home. Homeowners insurance doesn’t cover these scenarios. If a fire burns down your apartment building, for example, renters insurance will pay to rebuild it—but homeowners won’t.

Hopefully after reading this blog, you have a better clarity on renters and home insurance. If you are still struggling to grasp the different kinds of insurances or find the best homeowners insurance Florida companies for your current living situation, then contact a Get-a-Quote professional today. Get-a-Quote supplies you with the insurance shopping tools that you need to find the perfect match!