Homeowner’s vs. Renter’s Insurance
Navigating the insurance world can be challenging. There are so many different types of insurance, and none of them are free, unfortunately. How can you know what kind of insurance you need?
Here’s some good news: Both renter’s and homeowner’s insurance can offer wide-ranging benefits that help in areas that may seem unrelated to your home. Take a look at the differences between homeowner’s and renter’s insurance, as well as what to expect from each of them.
Renter’s insurance is not generally required — it’s something you choose for yourself. But it’s often a very good choice to make, since it’s extremely affordable. Renter’s insurance is designed to protect against the loss of personal property. When you’re applying for renter’s insurance, the insurance provider will ask about the cost to replace all of your personal property if it’s lost for any reason. This type of insurance has nothing to do with the actual structure — that’s insurance your landlord would take out.
One added benefit of renter’s insurance is that it may cover personal liability. For example, if you get sued for some reason, your renter’s insurance policy may cover a portion or all of your legal expenses. This is a helpful benefit that is also available with many homeowner’s insurance policies.
Homeowner’s insurance is something that’s required — you can’t own a home without it.
Unlike renter’s insurance, a homeowner’s policy will cover the actual property and any attached structures like garages, as well as personal property. Since you don’t have a choice on whether or not to get a homeowner’s insurance policy, you can shop around based on price and benefits. In short, you’re looking to get the most value out of your investment in homeowner’s insurance.
It’s always a good idea to start with your auto insurance provider — to see about bundling your policies for a discount — and then get quotes from several other providers. That should provide enough of a snapshot to help you make the right choice.
Like renter’s insurance, a homeowner’s insurance policy will also cover personal liability. No one ever anticipates getting sued, but that’s why you need insurance — it’s there for the unexpected.
Know going in that homeowner’s insurance tends to be far more expensive than renter’s insurance. Why is this? Because your homeowner’s policy is covering a whole lot more. Renter’s insurance is an incredible deal because it typically costs only a few dollars a month. That’s not the case for homeowner’s — but it’s still worth the protection it provides against damage to your home and property.
Count on Mid Atlantic Van Lines
When you’re ready to move, make sure you have the right interstate moving company to get your belongings from one home to another. At Mid Atlantic Van Lines, we work with both renters and buyers to ensure that their things are taking care of on long journeys between cities and states. Let us take care of your move so you can focus on other important tasks, like finding the right renter’s or homeowner’s insurance policy for your new place.
Contact us today about serving as your reliable, trustworthy interstate moving company.