Do you need homeowner’s insurance or renter’s insurance? It may be obvious that if you are insuring a home you own, you need homeowner’s insurance, whereas if you are insuring property where you are renting, you need a renter’s insurance policy. But does it ever make sense to buy a homeowner’s policy when renting, and what are the differences between the two?
The most notable difference between renter’s vs. homeowner’s insurance is that homeowner’s insurance must have a provision for the physical structure you live in. If something damages the structure itself, homeowner’s insurance will pay for it. Since as a renter, you don’t own the building, you naturally do not need such a provision.
Since you are not paying for coverage to the structure, which can carry a considerable premium, your renter’s insurance should naturally be considerably cheaper than a homeowner’s policy. The point of renter’s insurance is primarily to protect the personal property you keep inside the unit you are renting from someone else.
If you have some of your items housed in a storage facility, the owner of the storage facility will probably require that you have some kind of insurance to protect them. If you have renter’s insurance, you can provide proof of this insurance for this purpose. If not, you will probably have to buy some kind of personal property insurance in order to sue the storage unit.
If you are renting a home from someone, even for a short period of time, they may require that you have renter’s insurance as a condition of the lease. This is for both of your protection, as, if something happens to your belongings, you will have recourse via your policy, and they hope to avoid getting sued.
Whether you own your own home and are looking for homeowner’s insurance or you are looking for home insurance for renters in Missouri, David Pope Insurance can help. As a local, family-owned business with over 20 years of experience in the insurance world, we have a detailed understanding of what Missouri residents’ needs are with respect to both homeowner’s and renter’s insurance policies.
We use our provider network and insurance knowledge to find you the lowest possible premiums while still making sure you have the protection you need. We also work much faster than many other insurance agents, and we are often able to provide a quote and answer your questions the same day, so you can get your policy and protect yourself and your property as quickly as possible.
If you are in need of a homeowner’s insurance policy, a renter’s policy or any other type of insurance in Missouri, we’re ready to help you right away. Just give us a call at 636-583-0800 or contact us online.
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