On the surface, renters insurance and homeowners insurance are very similar products. Both offer some similar types of coverage including:
This is, however, where the similarities end for renters insurance and homeowners insurance plans. As a renter, the building belongs to your landlord and is covered by his or her own insurance policy. As a homeowner you own the structure. This means you also need an insurance policy that offers coverage in the event your home needs to be repaired or rebuilt after a disaster.
One of the biggest differences between renters insurance and homeowner’s insurance policies is the cost of the plan. According to the National Association of Insurance Commissioners (NAIC), renters insurance tends to be no more than a few hundred dollars a year. Homeowners insurance however, will generally cost over a thousand dollars per year.
Of course, prices will vary depending on how much coverage you need, how high your deductible is and in the case of homeowners insurance, where you are living.
At Insuret.com we work with the most reliable renters and homeowner’s insurance companies to help you find the best policies to suit your needs. Our free insurance comparison tool is easy to use, and takes just a few minutes. So what are you waiting for? Compare Home & Renters Insurance quotes and start saving now!