Introducing Evertree Mountain States
Whether you rent or own a home, getting some insurance is prudent. Many residents of Arvada, CO get torn between purchasing home insurance and renters insurance. Here’s what you should know.
What Is Home Insurance vs. Renters Insurance?
The homeowner purchases home insurance to protect their property and the personal belongings in their home. In contrast, renters insurance is bought by a tenant to protect their personal belongings in the house where they are tenants.
What’s the Primary Difference Between Home Insurance vs. Renters Insurance?
For you to purchase home insurance, you must own a home. On the other hand, you must be renting or leasing a house to buy renters insurance. Home insurance protects our home structure and the entire property with your personal belongings, while renters insurance only protects your personal belongings and the structures in the home. At Evertree Mountain States, we recommend that you get either of the two policies depending on your living situation.
Personal Liability Coverage Home Insurance vs. Renters Insurance?
Both homeowner’s and renters’ insurance offer the same kind of liability coverage. For instance, if someone slips, falls, and hurts themselves in your house and sues you, home and renters insurance will cover the liability. This includes liability for medical bills, mental and physical stress, and lost wages. Additionally, both policies will cover the legal fees you incur per the legal proceedings. Remember that home and renters insurance will only cover liability relative to the policy limit. Therefore, if your policy limit is $250,000, home and renter insurance will only cover liability up to $250,000.
What if I’m Living With Roommates?
Whether you are a homeowner or a renter, if you are living with roommates, they should get their own renters insurance. This is because your homeowner’s or renters’ insurance doesn’t cover any property in your home apart from your own.
Contact Evertree Mountain States for more home and renters insurance info in Arvada, CO.