Choosing Better Insurance Coverage

Few things are more important than having the right insurance coverage. About ten years ago, I was involved in a near-fatal crash where I experienced traumatic physical and emotional injuries. It was really challenging for me to endure the hospital stay and subsequent physical rehabilitation, but with the help of my medical team and my insurance company, I was able to overcome the challenge and completely recover. This blog is all about the importance of choosing the right insurance plan so that you can get on with your life and enjoy those precious years with your family and your friends.

Homeowners Vs. Renters Insurance Policies — What To Know

Insurance Blog

Homeowners and renters insurance both exist to try to protect you from damage to the place where you live. And while they have many features in common, they also differ in a few important ways. Here's what you need to know about these similarities and differences. 

How Are Both Policies Similar?

Both renters and home insurance policies generally cover your personal belongings from the same types of emergencies. These include things like wind, fire, civil unrest, sudden bursting of pipes, or objects falling from above. They also usually have the same types of exclusions — most notably earthquake and outside flooding damage.

The two policies also feature two elements that policyholders may not understand well. The first is the protection of belongings that aren't in the home. For instance, your personal items stolen from a vehicle are generally covered by the home or renters policy rather than the vehicle policy. The second is coverage against accusations of libel and slander. 

You may generally get both policies in increasing amounts of coverage to help tailor them to your needs. Most insurers also offer to bundle it with other policies, such as auto insurance or business insurance. 

How Do These Policies Differ?

Probably the biggest difference between these two personal insurance policies regards the structure of the home. Homeowners insurance covers the building itself — as well as certain outbuildings and possibly external property elements — while renters insurance does not. 

This is because the policyholder either does or does not own the structure. Renters insurance focuses on what the renter owns, and it's designed to work in conjunction with the landlord's property insurance. However, some tenants may have to go over the details to determine where their responsibility for the structure — such as inner or outer walls — begins and ends. 

The fact that renters insurance covers less also means that it's significantly less expensive. This is great news for renters who may have fewer funds or be just starting out. Nearly all renters can afford to have at least some coverage. 

Where Can You Learn More?

Want to know more about covering your home or your stuff? Need specialized policies to cover natural disasters that occur in your area? Not sure if you have enough coverage? Start by learning more from a trained insurance agent in your state today. With their guidance, you'll choose the right policy to provide stability and financial protection no matter where you live. 

Reach out to a company like Binyon Agency to learn more about home insurance coverage.


4 October 2022