Both renters and homeowners benefit greatly from insurance policies. No matter which type of policy applies to you, it is important to understand what each can offer, along with the pros and cons that may apply.
What is Homeowners insurance?
Homeowners insurance policies cover losses and damages to a house, and in some cases, assets inside the home. In addition, homeowners insurance usually covers interior and exterior damage, loss or damage of personal belongings and any injuries on the property.
What is Renters insurance?
Renters insurance provides some of the benefits of homeowners insurance. However, except for any small structure alterations installed by the tenant, renters insurance does not cover dwelling and structural coverage. Additionally, renters insurance will also limit the landlord’s potentially-expensive liabilities.
What are the advantages of Homeowners insurance?
To put it plainly, a homeowners insurance policy will allow you to keep money in your pocket. Aside from a deductible, a homeowners policy will cover any eligible repairs, if needed. Additionally, replacements can also be taken care of by your policy.
What are the advantages of Renters insurance?
A benefit of renters insurance is your policy will not be limited to the items in your apartment. Instead, renters insurance covers three components: content coverage, liability coverage and loss of use coverage. Content coverage covers any rental items in your rental unit. Liability coverage covers any liability that occurs on the premises, such as falls or fire/water damage. Loss of use coverage covers any temporary relocation that you may require due to damage.
You can also save by bundling homeowners’ and renters’ insurance with other policies at a significant discount. Visit our bundles page for more information on how isure can help you save!
What are the disadvantages of Homeowners insurance?
If you have to file a claim in your homeowner’s insurance policy, the risk profile will change. This change may result in a surcharge to your premium. If multiple claims are made, your premium could more than double. If you’re unsure about your homeowners coverage, contact an isure broker today!
What are the disadvantages of Renters insurance?
All policies come with a coverage limit. Depending on your belongings or any potential liabilities, your policy might not be able to cover everything. You may need to purchase a supplementary policy to cover specific items, such as high-value jewelry or an extensive collection.
In conclusion, the advantages and benefits of renters and homeowners insurance far outweigh any disadvantages. Speak with a member of our isure team if you have any questions about the home insurance policy that’s right for you.