Home & Renters

Whether you own your home or you rent, you should protect your property and its contents.  If you own your home, homeowners insurance will protect your home, and property as well as all its contents.  If you rent a home or apartment, the owner of the home or apartment would ensure the property, but you, as the renter, are responsible for ensuring the contents of your home. Both policies require regular payments that are usually set up monthly or up to yearly. The policy may also specify a deductible amount to be paid for claims made.

Home Insurance

A home insurance policy is taken out by the owner of the home and is required if you have a mortgage on your property. The amount of insurance generally covers the cost to replace the home in the event of a total loss, and additional insurance can be added to cover the replacement value of the items in the home. If a home costs $200,000 to rebuild and the items inside the home cost $150,000 to replace, a homeowner who wanted to cover everything would need to ensure the property for at least $350,000.

Renters insurance is for occupants who do not own the property but want to protect their personal belongings that are in the home or on the property. It is important for renters to note that the property owner’s insurance policy does not cover them or their belongings in the event they are damaged or destroyed. Renters insurance policies will reimburse a renter for the replacement cost of their property that is lost or damaged while on the property.