Does my Provider Offer Homeowners and Renters Insurance?

There are several differences between homeowners and renters insurance but, at the end of the day, they are both the same type of insurance - renters insurance falls under the category of homeowners policy under what is called the H06 policy. There are several other homeowners insurance policies, such as the H03, the H08 and the H01 for different types of homeowners and different types of homes. Most providers of homeowners insurance will offer you renters insurance as well.

So what are the biggest differences between a standard renters insurance and homeowners insurance policy? Renters insurance policies are designed for renters rather than homeowners. You can still drop home coverage at anytime if you choose to, plus you will still get coverage for your belongings and costs incurred if you need to move. You will also get liability insurance in case there is a serious accident. However, what renters insurance doesn't include is structural insurance. This is because when you are renting, you are not responsible for the structural aspect of the house or apartment; your landlord or building association is.

Not all homes are alike and this is why there are so many different levels of homeowners insurance. For example, condo or apartment owners are going to want to insure under a specific condo house insurance policy rather than a traditional H03 or H01 plan which are designed for single unit homes. This is because condo associations often include their own insurance for the structural damage to the unit. You will still need to insure your items and have some structural coverage but not as much as a single unit homeowner.

Homeowners and Renters Insurance

Another big difference between homeowners insurance and a rental policy is that homeowners coverage tends to be much more expensive. Renters insurance is one of the most affordable levels of homeowners insurance out there because you do not need to insure the structure of the house. You can get coverage for as little as $12 per month in some cities depending on how much coverage you are actually looking for. This will be very basic coverage and will include liability, contents insurance as well as loss of use coverage.

Regardless of whether you are a homeowner, a renter or a landlord, you should look into coverage. Another big difference between a standard homeowners insurance policy and a renters insurance policy is that rental coverage is not required. Because you are not taking out a loan for the mortgage on a rental property, you will not need to buy coverage. In fact, only around 33 percent of renters actually invest in this coverage. However, as we all know, natural disasters don't only happen in homes that you own. You can still face serious damage and serious loss when you are renting.

Knowing the differences between a standard homeowners insurance policy and a renters insurance policy is important. Renters insurance is often also referred to as contents insurance but it is a little different and, essentially, contents protection is a form of coverage under a standard renters insurance agreement. Make sure you are aware of what you are buying by shopping online and comparing policies that are right for your situation.

There are different levels of homeowners insurance for condo and apartment owners, for single unit homeowners, for landlord, for investors, for renters and even for those that own an older home. In most instances your provider offers homeowners and renters insurance as well as these other forms of coverage as well. If you are ever in doubt, don't hesitate to contact them and find out more.

safe secure

Enter your zip code for affordable home owners insurance quotes

GET QUOTES

What People Are Saying

"When a hail storm hit our town and destroyed all my windows, I was glad that I had found this site and was able to get a great rate on homeowners insurance. I've been able to make home improvements with the money I keep saving every month."

- Rita E, Atlanta GA