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Whether you own or rent your home, you want to protect your investments. Getting the right insurance policy is a great way to safeguard the place you call home. But what’s the difference between renters and homeowners insurance?

Renters Insurance

Your landlord is responsible for insuring the building structures and any common areas, including parking lots, walkways and community amenities. However, your personal belongings inside of your unit must be insured privately. While there are no laws forcing you to purchase renters insurance, some landlords do require you to provide proof of coverage.

In the event of a covered loss, renters insurance can cover the costs of repairing or replacing your belongings. Many policies also include liability coverage, which protects you against the expenses associated with a guest getting injured or suffering property damage inside of your unit. Renters insurance packs in a lot of value for its price, which is often under $200 per year.

Homeowners Insurance

Homeowners insurance is more comprehensive since you own the property and everything within. Coverage includes the structure of the home, any additional structures (fences, sheds etc.) and your personal belongings, called contents. However, standard homeowners policies have limited contents insurance and, oftentimes, more is necessary to fully cover furniture, artwork, electronics, kitchen appliances, clothing etc.

Extra contents insurance can often be added onto a homeowners policy as a rider. You may also need riders for certain hobbies—such as golf equipment, custom-designed bicycles, taxidermy collections etc.—or high-value items—such as fur coats, jewelry etc. This contents coverage, in effect, is very similar to renters insurance in the sense that it covers items within a structure.

Homeowners insurance also includes liability coverage, similar to that of renters insurance, but often with higher limits. You may need liability coverage if you have a pool and/or trampoline due to the increased risk of injury.

Ask us about the right policy for your needs. Call All About Insurance at (817) 589-0006 for more information on Dallas renters insurance.

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Mid-Cities Location
7716 Glenview Dr.
Richland Hills, TX 76180
Phone: (817) 589-0006
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Fort Worth, TX 76114
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Mansfield, TX 76063
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