If you are renting your home or your apartment, you have probably heard of renter’s insurance. Many people have heard of renter’s insurance, but few people know what it is, how it is different from homeowner’s insurance, and what it actually covers. This blog post will answer those questions.

Renter’s insurance is basically a way for renters to protect their interests. The way that a landlord or owner protects their interests is by charging the renter a security deposit. The deposit serves as a way to insure that the renter won’t do any damages to the home or apartment. However, sometimes things happen that the renter has no control over. This is why renter’s insurance is essential.

Some of these things could include, but are not limited to: damages from a windstorm, hail, fire, lightning, riot or civil commotion, vandalism, theft, volcanic eruption, weight of snow, ice, or sleet, freezing of a sprinkler system, and several others. As you can see, this list is comprised of things that occur that the renter has no control over. You may want to note, however, that damages resulting from floods and earthquakes are usually not covered in the standard renter’s insurance quote. Individuals who live in areas that are either flood or earthquake-prone will need to specifically add that coverage on top of their existing insurance coverage.

The difference between renter’s insurance and homeowner’s insurance is the fact that the person holding the insurance does not own the property. They are renting the property, home, or apartment from the individual who owns the property.

photo credit: Editor B via photopin cc
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