Many people tend to confuse the two, but homeowner’s insurance and renter’s insurance are two different insurance policies. Oftentimes, people also think getting a rented apartment insured is of no use because the home insurance the owner has is enough. This is not the case.

 

In this blog, we’ll discuss the differences between home insurance and renter’s insurance.

 

Homeowner’s Insurance

 

Home insurance is a very important and necessary policy that protects your home from damages and losses. Natural calamities such as hurricanes, floods, and lightning are covered by home insurance. Earthquake damage is covered by some policies as well. It also covers a variety of potential damages caused by other people’s negligence or man-made calamities, such as housefires, theft, vandalism, etc.

 

Home insurance not only offers compensation for the losses to your property, but it will also provide for you a place to stay in a house that is not habitable. It will also give you a daily allowance as well as compensate for the hotel room or temporary residence’s rent. Any person injured during the accident will also be covered under home insurance. The cost of any legal proceedings or hiring a legal team is also included in most policies.

 

Some of the things home insurance doesn’t cover are insect infestations in your house, the aging foundation of the house, small repairs, aesthetic upgrades, paint scrapes, or any other intentional damage.

 

Renter’s Insurance

 

The landlord may have insured the apartment you’re renting, but that policy only covers the cost of structural damage, not you or your belongings. Renter’s insurance protects you and your possessions and can be useful in the event of an accident or natural disaster.

 

 

Renter’s insurance is usually relatively inexpensive. According to the National Association of Insurance Commissioners (NAIC), the average cost of renter’s insurance in the United States is $180 per year. Of course, it is affected by a variety of factors and can change. The state you live in, the deductibles you select, the plan you select, and the assets you hold are all things to think about.

 

Unlike home insurance, renter’s insurance doesn’t include reimbursement of structural damage to a house. This is primarily because you’re not the owner of the house. It does protect your belongings and possessions. Like home insurance, a renter’s insurance policy will also offer a temporary residence in case there is excessive damage to the apartment you were renting.

 

If you’re a homeowner and looking for a reliable insurance company, Pronto Insurance is a well-known company operating in San Angelo. We have the best San Angelo homeowner insurance policies that will be personalized according to your needs. We also offer other insurance policies, including life insurance, health insurance, commercial insurance, and much more. Contact us now to find out more.