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What kinds of risks does homeowner's/renter's insurance protect you against?

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Homeowners insurance and renters insurance are not the same thing. Home insurance protects the physical buildings on the property, but renters insurance is generally confined to the personal property. Both types of coverage protect against liability.

For example, renters insurance offers protection against a liability claim when a visitor falls and breaks their leg just as homeowners insurance will do. It will also cover the furniture, jewelry and other property contained in the home, but not the physical structure of the home itself.

Homeowners insurance covers everything that a renter's insurance plan does, plus it offers coverage for any physical structures on the property. Renters insurance does not cover a tree limb falling on the neighbor's house, but homeowners insurance does.

Another example would be a home with a built-in pool. The homeowner is responsible for insurance that covers the liability created by the pool. Renters insurance does not cover the pool, but it may cover injuries that occur when the pool is in use by the renters. The renters insurance only covers the people and property connected to the renter, not incidental damages that result from the actual property through no connection to the renter.

Homeowners that plan to rent out a home can get special landlord insurance that covers the physical buildings on the property but does not extend coverage to any persons or personal property. This type of policy will leave insuring the personal property up to the resident of the home, while the structure itself is the responsibility of the landowner.

answered Jul 21, 2010 by anonymous
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