Landlord Insurance vs. Homeowners Insurance: Which One is Right for You?
You may not know it, but every landlord needs insurance of some kind to protect themselves and their investment in the property they rent out to tenants. So if you own or manage rental property, do you know which type of insurance coverage you need? Do you even know what they are? In this article, we’ll look at landlord insurance vs homeowners insurance and help you determine which one might be right for your rental business. We’ll examine the similarities and differences between the two types of coverage and explain why certain aspects of insurance are critical to have and others may not be as important depending on your business model.
Why Do You Need Renters Insurance?
Renters insurance protects your personal property, should it be damaged or stolen, and pays out to cover any damages you might incur from the building itself.
What Does Renter’s Insurance Cover, Anyway?
Renter’s insurance may not be the first thing on your mind when you start renting a place, but it can protect you financially in some major ways.
The Different Types of Renters’ Policies
Renters insurance policies cover your personal property, liability and additional living expenses in the event of a disaster.
Renters’ Versus Homeowners’ Comparison Chart
The main distinction between homeowner’s insurance and renter’s insurance is that homeowners’ insurance covers your home against disasters, whereas renter’s insurance only covers the contents of your apartment against disasters.