Regardless of if you own your home or you rent it, it’s still your home. It’s still a place that houses all the things you care about and make your life go. Homeowners insurance is pretty familiar but most aren’t as familiar with renters insurance. It’s important to know the differences.
With renters insurance, its main goal is to give protection to your possessions from potential damage and/or theft. The actual insurance of the physical building you live in is up to the landlord – if there’s a fire in the apartment, you’re only on the hook for whatever belongings you had that you owned inside the apartment. The landlord is on the hook for the actual building and structures.
Since renters insurance just covers your belongings, it’s typically much more affordable than homeowner’s insurance. You can usually get a policy that costs on average of about $200 per year. There are no laws that require renters insurance, however some landlords do require it.
The main difference between renters and homeowners is that homeowners insurance also covers the structure of the building you live in. In fact, homeowners insurance is more toward the coverage of the structure than and not as much as the possessions inside. In most cases, people are encouraged to add more contents coverage to their existing homeowner’s policy.
Need coverage? Call Turrentine Insurance Agency at 281-476-0557 for more information on Houston renters insurance.