Homeowners insurance covers the home’s structure and personal belongings, while renters insurance only protects personal property. Renters insurance does not include dwelling coverage since the landlord is responsible for insuring the building.
Renters insurance is generally cheaper than homeowners insurance. Homeowners pay more due to structural coverage, while renters only cover belongings and liability. Costs vary based on location, credit score, and policy limits.
Renters can choose coverage limits based on their belongings’ value. Homeowners insurance typically calculates personal property coverage as a percentage of the home’s insured value.
Both policies offer coverage if a home becomes uninhabitable. Homeowners insurance provides a percentage of dwelling coverage, while renters insurance offers a set amount or a percentage of personal property coverage.
Homeowners insurance is often required by mortgage lenders. Renters insurance isn’t legally required but may be mandated by landlords as a lease condition to ensure tenants have financial protection.
Get the Right Coverage for Your Home! Whether you own or rent, protecting your property, belongings, and liability is essential. Find the best homeowners or renters insurance to fit your needs and budget.