Why Renters Insurance Is Different From Home Insurance

​Some people prefer to rent, and some prefer building their own homes. Whatever you choose, there is insurance that you can get the advantage of. This will help in the future and is one of the great investments. But these two have differences, and it's good to be informed and understand them. 

Renters Insurance and Home Insurance
Since renters do not own the property, the main difference between these two types of insurance is dwelling coverage. This can cover the physical structures of your home, including all the parts of the house, like windows and roofs. But, coverages for medical bills, property, personal liability, personal property, and additional living expenses are covered by both insurances.

There are perils or standard inclusions of dwelling coverage. Most companies offer the same perils for their clients, and these are:

• Theft
• Explosions
• Trees
• Other falling objects
• Weight of ice, snow, and sleet
• Hail
• Water damage
• Vandalism or malicious mischief
• Windstorm
• Lightning
• Vehicles
• Fire and Smoke

Each insurance is specific to your current status. So, if you are a renter, you must need renter insurance to protect your personal properties, yourself, and your guests. But, if you are a homeowner, you must protect the physical structure of your home and other structures within your property.

Landlord Insurance
If you are a landlord or someone who owns a rental property, you will need to get rental property insurance. Don’t worry. This insurance doesn’t include any renter insurance, but some mortgages require property owners to get one. This can help in your rental property's dwellings and snowblower or lawn mower services.

The insurance is also advisable for the landlord to include it in the lease agreement. This will help renters know what they can do to secure their personal properties. 

Factors in Homeowners Insurance vs. Renters Insurance Costs
Homeowners Insurance can be a bit pricey since it has to protect a physical structure. But since both insurance almost has the same coverages, they can have the same factors to consider for the costs, like

• Location
• Cash value
• Claim history
• Home security,
• Deductibles

Conclusion
Maintaining a home is hard, even if you are a renter, homeowner, or landlord. Many expenses can affect your savings, both short-term and through unexpected damages. Insurance is a safety net if you are living with a tight budget. Remember to get the best coverage to fit your lifestyle, whether homeowner or renters insurance.

At AllRisk Auto Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (360) 693-4044. You can also request a free quote by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!