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What’s the Difference Between Homeowners and Renters Insurance?

Homeowners insurance and renters insurance are insurance policies that both protect your property against damage and theft, with each policy having their own way of how they work and what they cover. If you’re shopping around for one or the other, it can be hard to know which top Florida homeowners insurance companies will give you the best protection options at the best price. So, we’ve outlined major differences between homeowners insurance and renters insurance to help you narrow your search!

What does homeowners and renters insurance cover?

One major difference between homeowners and renters insurance is that renters insurance does not protect your personal property. The standard renters policy does not cover any of your belongings, only protecting you in case someone is injured while on your premises. Standard homeowners policies, on the other hand, can cover all of your belongings inside your home, including electronics, furniture and valuables.

What is dwelling coverage?

One key difference between homeowners and renters insurance is the inclusion of dwelling coverage or not. Dwelling coverage is an important aspect of homeowners insurance that protects you against damage to your home. If you rent, though, you probably won’t have any dwelling coverage—instead, it’s one of many reasons why you should consider renters insurance. Depending on your specific homeowners insurance policy, dwelling coverage typically covers the cost of repairing or replacing your home due to storm damage, fire, vandalism or other unexpected events. This includes costs incurred if your water heater bursts while you’re at work or if someone steals your television when they break into your house after dark.

How do I buy renters insurance?

Buy renter’s insurance in three simple steps: (1) determine if you need coverage, (2) compare multiple quotes for your specific situation, and (3) purchase a policy. The first step is to figure out whether or not you actually need renters insurance. The easiest way to do that is to tally up all of your personal belongings. Add up all of your possessions—not just furniture, but also kitchenware, electronics, clothing items, etc.—and then subtract their replacement value from what you have on hand in savings. If you are underinsured for your belongings—meaning that there is more value in what you own than what it would cost to replace everything—it’s highly recommended that you get some sort of protection.

With a better understanding of the differences between homeowners insurance and renters insurance, we hope that you find the best insurance policy option for you through the top Florida homeowners insurance companies. If you still need assistance, reach out to a Get-a-Quote expert today for all your insurance shopping needs.