Home insurance; rental property insurance, homeowners insurance, renters insurance.

With so many different types of insurance for your home it may be beneficial to learn the basics on a handful of them. Below we go over the definitions and a few essential talking points on rental property insurance, renters insurance, & homeowners insurance. Learn more about how you’re protecting your home and your belongings.

What is renters insurance?

Renters insurance is designed to protect your belongings, liability, and in some cases living expenses in case of loss. Renters insurance covers what’s inside your rented apartment, or home. A landlords policy will cover the building, it does not cover any of your possessions. Some of the unforeseen events renters insurance covers are smoke damage, water damage, fire, theft, vandalism, & visitor injuries to name a few. Common items covered in your renters insurance policy are electronics, appliances, furniture, clothing, accidental damage, medical expenses, legal fees and more. Check with an agent to find out exactly what your policy covers.

How much does renters insurance cost?

The cost of your renters insurance policy will depend on the amount of coverage you need. It can be as little as $10 per month if you’re not covering that many belongings. But, if you have a lot of expensive jewelry or computer equipment, you may want to insure yourself for a higher amount.

How much renters insurance do I need?

The amount of renters insurance you need, will ultimately come down to how expensive your possessions are and how much in terms of a dollar amount you want covered. If your most expensive item in your home is a set of paper plates and plastic cutlery, you probably aren’t going to need that much coverage. On the other hand if you’re looking to protect your Rolex collection, you’re probably going to look into getting covered for their value. How much renters insurance you need is only relevant to the items in your rented home and how much you want covered in your policy.

What is rental property insurance?

Rental property insurance often referred to as landlord insurance. Landlord insurance covers the building itself. Rental property insurance will protect the owner of the rented property by insuring the property for liability or loss. Landlord insurance covers the dwelling and additional buildings or structures on the property, some contents, liability coverage, & loss of rental income. Very similar to homeowners insurance, it will cover the dwelling in case of lightening, fire, hail and / or other losses.

Typically rental property policies don’t cover the personal contents in the home. Even the property owners personal belongings. Because of this, many property owners will require renters to purchase their own individual (renters insurance) policy.

If a tenant or guest is injured in the home, liability insurance will typically cover it. And if it’s deemed that the landlord is responsible for the injury of the tenant or guest it may cover legal and / or medical expenses.

How much is rental property insurance?

Typically a rental insurance policy will have a higher premium than a homeowners policy. A lot of that has to do with the fact you’re putting your trust in others to keep your property safe without you being in the insured property. Your monthly cost will be dependent on age of the property, where it’s located, and the overall condition.

Rental property insurance is an absolute must for all landlords. For more information, please reach out to one of our rental property insurance agents today.

What is homeowners insurance?

Homeowners insurance is designed to cover your belongings and assets within your home. It will cover losses and damages to the residence by perils such as theft, fire, and more. Potentially it could cover the cost of damage to another persons property or if someone is injured at your home. Homeowners insurance covers your dwelling, personal property, liability for injuries and / or damage to someone else’s property and other structures on the property. Most policies cover for damage caused by windstorms, lightning strikes, fires & hail. It’s important to know that not all natural disasters are covered by homeowners insurance. Damage due to floods & earthquakes isn’t typically covered. You can always purchase additional insurance policies to protect the home and your belongings against those types of disasters.

How much homeowners insurance do I need?

Typically homeowners insurance policies carry a minimum of $100,000 in liability coverage. But if something catastrophic strikes, you’re going to want enough coverage to rebuild the structure of your home, & replace your possessions in addition to the basic liability coverage.

Knowing how much homeowners insurance you need will take a little bit of research. Questions you’ll want to know the answer to may be;

• How much are construction costs in your area
• Total square footage of your home
• Likelihood of a fire, earthquake, and / or flood
• What are your belongings valued at
• Crime rate in your area

The easiest way to cover all your bases is to speak to a licensed professional that knows the ins and outs of homeowners insurance policies. We just so happen to have a staff full of licensed agents. The best part is they’re all super nice and incredibly knowledgeable! Reach out to us today! We’d love to hear from you.