Is a renters policy the same as a homeowners policy?
A renters policy is a type of homeowners policy. The main difference between other homeowners policies and a renters policy is the lack of coverage for the building or dwelling as it is known. This is because the renter does not own the building and therefore does not need to insure it.
Renter’s policies still provide the same other coverages as those found in homeowners policies, such as damage to or loss of personal property and personal liability for injury or property damage caused to third parties. It can also cover additional living expenses in the event the home is uninhabitable due to a loss. Your landlord may require you to maintain renters insurance, primarily for the protection afforded by the personal liability coverage in case you cause damage to the landlord’s property or injury to a guest in your apartment. Certain landlords may require you to purchase renter’s insurance, but most will not. It is, however, very important to consider purchasing coverage for your personal property as well potential personal liability.