Protection Whether You Own The House Or Not

Rental/homeowners insurance is has many similarities. One of which is its importance in your living whether you rent your home or not. Information on the similarities and disadvantage can be done can be discussed further:

Similarities in Rental and Homeowner Insurance

Both types of insurance give you the optimum protection that you need from fire and water damage, theft and vandalism. Liability protection is also provided for rental and homeowner coverage. For injuries caused by a rented property, the liability cost will be shouldered by the landlord whatever the cause may be.

Differences in Rental and Homeowner Coverage

The dwelling coverage is the main difference that a rental and homeowner coverage has. For homeowners, you have the insurance to replace damaged structures and repairing for the home in case of fire, water, vandalism, theft and other structural concerns.

If you are a renter on the other hand, you have to insure yourself of any claims that may be held against you. An example is when your waterbed breaks and damages the flooring, you should be covered by your insurance depending on your insurance stipulations. For massive damage however, like heavy rains, your landlord should be covered by his/her own insurance for the building.

Keep in mind that your renter’s insurance should give priority to possible theft of your personal property as well as in cases of fire or flood or damage. Your landlord should be responsible for any injuries arising from damages within the property itself.

Choosing your Policy

For renters, having a renter’s insurance may look like a waste of time. You have to keep in mind though, that your insurance can cover you expenses in the event you lose your personal property. It can also help you move or stay in a hotel while your apartment is under repair. Whether you own your home or not, having an insurance gives you the peace of mind that whatever happens to your property, you have the protection and assurance that it is easier to start living your life again after an accident or a disaster.

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