Homeowners vs Renters Insurance: What are 3 differences?

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Homeowners vs Renters Insurance: What are 3 differences?

One of the biggest transitions that we make is either purchasing a new home or making the decision to rent.This change can sometimes lead to confusion about how to provide protection for our valuable assets through the correct policy.In this blog, we will discuss the differences between renters and homeowners’ policies.

As always, if you have a question about anything insurance, please give us a call at 208-762-2122 or drop us an email at jan@janjinsurance.com.

Cost – This is always the first thing we think about.Homeowners insurance covers the entire home, which impacts your bottom line price. Renters insurance covers your belongings and gives you liability protection, but does not cover the structure, that is the responsibility of your landlord, who is covered under their dwelling fire policy.

Coverage- When you rent, you don’t own the physical space, so its not your responsibility to insure the actual structure of your dwelling.Renters insurance instead focuses on protecting your possessions, as well as liability.

When you are a homeowner, however, you insure both your possessions as well as the structure of your home. As with renters insurance, a homeowners policy also covers your liability in the event that a visitor is injured on your property and you are deemed to be negligent. If you have specific questions about what is covered under your policy does or does not cover, please give us a call.

Mandatory vs Optional

When you rent, some landlords require renters insurance, but certainly not all.Often as a renter, whether you have renters insurance is a choice. However, when you look at the actual cost to replace your valuable personal belonging, the importance of protecting against loss is well worth the cost of the insurance, which can be less than $10 per month.The most heartbreaking conversations that Jan has is when a renter calls to file a claim on their landlords’ policy from a loss, and we have to tell them that there is no coverage.It often takes years to recover, and if you are retired, you may never recover financially.

Homeowners insurance is mandatory if you retain a mortgage.If you have paid that mortgage off, you probably do not have to have insurance, but stand the chance of losing what may be your biggest asset, your home.

Whether you are a homeowner or a renter, we stand ready at Jan Jesberger Insurance to help guide you in determining correct coverages to fit your needs.As an independent agent licensed in Idaho, Washington. Arizona, California and Montana, we ha and especially Coeur d Alene and Hayden have the correct mixture of carriers so we can provide the right insurance for the right price.Why not give us a call today?