Home & Renters

Home Insurance vs. Renters Insurance

On the surface, renters insurance and homeowners insurance are very similar products. Both offer some similar types of coverage including:

  • Personal property coverage. This type of coverage provides compensation in the event that your personal belongings are destroyed or stolen. These items, which include furniture, electronic devices and other personal effects, can be located either inside or outside of your home at the moment they were damaged or stolen.
  • Personal liability coverage. Personal liability coverage offers protection in the event that someone takes legal action against you for any unintentional bodily damage or damage to their property that occurs either inside or outside of your home. Most policies will also include partial coverage for the injured party’s medical expenses.
  • Additional living expenses. Additional living expense coverage offers compensation for hotel or temporary rental expenses as well as food and other living expenses while your home is being repaired after a covered disaster.

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.

What’s the Difference in Cost Between Homeowners Insurance and Renters Insurance?

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!

Insurance Quotes By State