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The main difference between renters insurance and homeowners insurance is revealed in the different levels of coverage. Renters insurance and homeowners insurance both provide property coverage, but the policies differ depending on ownership of said property. Those who rent live in a house or apartment that is owned by another person or entity. Residents who do not own do not need the same coverage as someone who owns their property. Property owners are responsible for their structure and its personal contents. The differences between insurance types is further explained through depth of coverage.
Did you know that insurance coverage is available even if you rent a house or apartment? You can protect your belongings even without owning the building you reside in. In fact, many lease agreements require some level of renters insurance. The owner of your property, the landlord, is ultimately responsible for any structural damages to your rental house or your apartment complex, but what happens when your personal property is damaged? When your personal property is stolen, damaged, or ruined, this type of loss is covered under your renters insurance policy. Furniture, electronics, and jewelry are items which you will be reimbursed for up to the policy coverage limit. Monthly premiums are affordable, and renters insurance provides you with a buffer for unforeseen circumstances. As a precaution, it is well worth obtaining a basic policy so that you are armed in case of financial misfortune.
Do you own your home? For many people, the purchase of a house is an exciting investment that comes with a side of burden. If you get nervous during a bad storm or if the thought of a break-in keeps you up at night, it is time to secure a homeowners insurance policy. Options are affordable, especially when discounts apply.
Are there smoke alarms in your house? Do you have well-placed fire extinguishers? Do you boast a security system? When your lifestyle displays preventative measures, this demonstrates to the insurance company that you and your family are at low risk, which may directly reduce your costs. Another way to prove low risk is in lack of prior claims. If you are switching insurance carriers and are in good stead with another company, be sure to mention if five years or more have passed without filing a claim. This can provide a worthy discount on your new monthly premiums. Whether a renter or owner, it is important to safeguard your residence from theft or unexpected damage with solid insurance coverage. Insurance is a valuable gift you provide yourself to stave off financial woes in the face of adversity. Insurance is a safety net that surrounds daily life. In McKinney, Texas, it is wise to get insurance that protects against crooks or forces of nature. Any time you leave your residence, it is vulnerable to outside forces. Whether someone enters your home and steals your valuables or a fire breaks out, you want to be covered without having to replace your belongings out-of-pocket. Obtaining a renter or homeowners insurance policy is imperative for peace of mind. If you’re looking for a new renters or homeowners insurance policy, contact Mauceri Bynum Insurance. Our team will walk you through your options, helping you select the right policy for your needs. Call today at 214-733-8400.