How are they different from each other?
We’re gonna talk about the Homeowner’s Policy first, if you own the home you live in, you want a homeowner’s policy. That’s going to give you coverage for both your liability, all your contents, as well as the building itself, any sort of adjacent structures, the fence, a pool, a shed or detached garage, and all those sorts of things that are going to give you coverage for that. So if you are a homeowner, you actually own the building, and you live in that house, you need a Homeowner’s Policy.
When it comes to home insurance, how much is enough, or how much is too much? In this video, we’ll discuss what it means to have “enough” home insurance to cover your home and protect your family so that you don’t have to worry!
A Renter’s Policy is similar to a homeowner, you live in a place, but you don’t own it, you rent it. You still have exposure for liability, right? So you need that. You still got stuff inside that you own right? So you want a renters policy. The difference between the two of them is that Renter’s Policy does not have building coverage or other structure covers, there’s no coverage for the building because you don’t own it. Everything contained inside, all the furniture, clothes, whatever else you’ve got in there, is yours. So you want to protect and insure that.
If you’re renting an apartment or home, the best renter’s insurance for YOU depends on a couple of things. This post will walk you through the basics of getting rental insurance for an apartment because most complexes will require it.
The Landlord’s Policy is different, it’s kind of like the opposite of the renter’s policy. You own the building, and you have a liability exposure as a landlord, but you don’t own the contents, not typically. You may have a few appliances, and you need coverage for that but typically, you don’t live there. In that case, you just want to cover the building, other structures, fences, pools, or any outbuildings. You might also want to cover your liability as exposure for being a landlord because you’re renting that place to another person, so if something happens, they’re gonna make sure you’re protected. Remember, insurance’s number one job is to protect your assets, the building is your asset, but also your ability to make money, your income, whatever savings, and other things that you have in the other home that you actually live in, right?
What are their similarities?
All of them help provide you with liability coverage as well as property coverage. The liability coverage is to protect you so that if someone brings a suit against you, they will hire an attorney, that then sends you a letter and says you did this against my client. They’re trained in bringing accusations against you and when you’re not trained in defending yourself, you need liability insurance so that you can hire an attorney to argue against their attorney to protect you and your assets. Remember, the number one thing that your insurance is supposed to do is protect you and your assets. That’s not just your house, that’s your ability to earn income and you don’t want them to attack your savings or any investments that you have, you want to protect those things. That’s one of the similarities, it protects your property. In the homeowner’s policy, you get the home, the contents, and the other structures, in the landlord’s policy, you get the building maybe some other structures, and then in the renter’s policy, you have your stuff. So in all of those, that’s what is similar.
Which one should you have?
Just to recap, if you own the place you live in, you need a homeowner’s policy, If you don’t own the place you live, you need a renter’s policy and if you own the building, but you don’t live there, you need a landlord’s policy. I hope that helps you to understand the difference between those policy types.
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Beaux Pilgrim, CEO