Whether you own your home or rent, an insurance policy provides valuable protection for your personal possessions and your financial future. Homeowners insurance and renters insurance are nearly identical but have crucial differences designed for specific needs. Below are a few points everyone should know when shopping for either.

Homeowners Insurance

A home insurance policy provides an umbrella over every aspect of your life, especially the structure of your house itself. If your home is damaged in a covered event, your insurance policy should cover the cost of repairs or rebuilding if the house is a total loss.

In addition to your house, homeowners insurance also protects the belongings inside, up to the limits of your policy. This amount is usually based on the value of the home, although the limit can be adjusted to meet your specific needs. Finally, home insurance offers liability protection, shielding you from lawsuits related to accidents on your property or damage caused by anyone in your household.

Renters Insurance

If you rent your home, maintaining insurance on the building is the landlord’s responsibility. Instead of covering the house, renters insurance focuses on protecting the tenant’s private possessions. It also includes substantial liability coverage. Because these policies don’t have to cover losses to valuable real estate, renters insurance policies are typically more affordable than similar policies for homeowners.

Because no two families are alike, both renters and homeowners need insurance coverage tailored to their unique needs. Since 1998, The Insurance Exchange has provided personal attention and high-quality policy options to homeowners and renters throughout northwest Montana, with agents who are committed to helping protect you from the unexpected. Visit their website to learn more about their carriers and claims process, get more tips and advice on Twitter, and call (406) 756-2500 to make an appointment or request a quote.