The different policies available for your house are Homeowners insurance and renters’ insurance. These policies provide financial protection against any damage to your property, cost of living out of the house, legal liability costs, and medical payments to others. The key distinction between these policies is the property damages that are covered.
In this article, let’s discuss the differences between homeowners insurance coverage vs. renters insurance coverage.
What Is Homeowners Insurance Coverage?
Homeowners insurance is for people who have purchased their house. The owner of the house purchases this insurance. This insurance covers the structure of the house, dwelling, personal property, liability, and medical expenses. Since the coverage area and amount is high, the cost of this policy is also higher than renters insurance. Having a homeowners insurance policy is essential if the owner wants to have a mortgage on the home. This insurance includes deductibles.
What Is Renters Insurance Coverage?
Renters Insurance is for the tenants who do not own the property that they live in. Renters will have to get renters insurance to safeguard their personal belongings. This insurance covers personal property, liability, and loss of use because these things are not covered in homeowners insurance. The cost of renters insurance is lower compared to homeowners insurance. This insurance policy coverage can lead to means of transportation, which includes covering items stolen from your car or a bike stolen while you were outside your residence. This insurance also includes a deductible.
How Much Renters or Homeowners Insurance Coverage Do I Require?
Both insurance policies would require insurance coverage according to their needs. While getting an insurance policy, you can consider this list of coverage items. Adding the cost of these items would give you an idea of the coverage requirement.
- Cost of appliances, furniture, and basic clothing.
- Money for daily expenses
- Food coverage
- Medical Expenses
- Outdoor coverage like fences, pools, ponds, etc.
Guidelines to Consider for First-Time Buyers of Homeowners Insurance and Renters Insurance
Keeping these guidelines in mind will help you get the most efficient and appropriate policy for your home.
- Approach a renowned insurance agency that provides the best policy options.
- Understand the value of your property and coverage items that you own to ensure you buy a policy that will provide full coverage
- Decide how much deductible you’re willing to pay
- Get your policy modified according to your requirement.
- Get a policy based on the risk factors.
Consult with 01 Insurance
Getting Homeowners insurance or renters insurance for the first time can be confusing. You can get in touch with 01 Insurance in Astoria, New York. We’re an established online insurance agency since 1979 and have provided insurance services to tens of thousands of customers.
Our experienced team of professionals will get you the right policy, all for the best price, by evaluating all available policy options offered by our insurance partnerships.
Contact us today for more information.