Both renters insurance and homeowners insurance provide financial protection, but the ultimate differences between the two policies come down to what exactly is covered and who it is for.
Who is Renters Insurance For and What Does it Cover?
As the name may suggest, renters insurance is meant for those who are renting a property. This type of insurance will typically provide coverage for the personal property of the tenant, but as far as the building itself, coverage will not be provided by a renters insurance policy.
With this in mind, a renters policy should not be confused with landlord insurance. Landlord insurance is meant for those who are renting out their property to a tenant. This insurance will not provide coverage for damage or theft to the tenant’s belongings. It will provide coverage for property damage to the building, loss of rental income, and will also provide liability coverage.
Who is Home Insurance For and What Does it Cover?
Home insurance is meant for those who own an apartment or home. The coverage provided with a home insurance policy includes:
- Property dwelling (which is not included in renters insurance)
- Personal property
- Medical payments
- Additional living expenses
- Personal liability
Home insurance is also more expensive than renters insurance due to the fact of it including property dwelling coverage, which is in refernce to the structure of the home and damage to the structure of the home.
Now, if you own a condo, you can choose between home insurance or condo insurance to provide you with this coverage.
Remco Insurance Services is Here to Help
As an independent insurance firm, our ultimate goal is making sure you have enough coverage. That’s why at our company, we strive to build a trusting relationship with every client by providing them with individualized and comprehensive insurance services.
Contact us today at 215-357-7878 to get started with superior service, coverage and the best rates.
