Share:

Whether you rent or own the property you live in, it's important to protect yourself and your belongings with insurance. While home insurance and renters insurance are similar, they differ in the property damage they cover. Learn more about these two common policies in the following guide.

Homeowners Insurance

As a homeowner, you're not only responsible for the people and contents inside your home, but also the structure itself. Home insurance differs from renters in that it provides dwelling coverage. This can include anything from a broken door or window to the complete demolition of the property. 

Homeowners insurance covers associated structures, such as sheds, garages, and outbuildings. When buying a home, your mortgage lender will require you to purchase homeowners insurance to protect their investment from severe weather conditions, fires, and other natural disasters.

Like renters insurance, homeowners policies cover personal property, even if the object is not physically in your home. For instance, if your laptop is stolen from your car. It also provides personal liability insurance and medical expenses if someone is hurt while on your property.

Renters Insurance

home insuranceAs a renter, your landlord is responsible for insuring their property while you are responsible for insuring the home’s contents. 

In many cases, landlords require their renters to purchase renters insurance to protect themselves from liability. Like homeowners insurance, renters insurance protects your personal property, such as electronics, clothing, appliances, and other valuable items. It also covers personal liability and medical payments for individuals who are injured on your property. 

Renters insurance can also protect you from a landlord's lawsuit if you are sued for accidental damages to the building. However, since you don't own the building you live in, your renters coverage will not cover structural damages made to the building.  

Additionally, unless you're married or living with your family, renters policies only cover the belongings and liability of the policyholder or their guests. If you live with roommates, they will need to acquire a separate policy to cover their belongings.

 

If you're a renter or a homeowner, protect yourself and your belongings with a comprehensive renters or home insurance policy from Texas County Mutual Insurance in Licking, MO. Since 1904, their team of licensed insurance agents has provided various coverage options at competitive rates. Contact them today at 573-674-3125 to request a quote, or visit them online to learn more about their policies.

tracking