Homeowners Vs Renters Insurance: Everything You Need to Know

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As a homeowner or a renter, you must have insurance. Many unexpected events happen every day, and you do not want to be caught off guard. Maybe you or your family accidentally break a window, or one of your neighbors causes damage to the apartment you live in. Insurance will be there for you when such circumstances occur.

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Homeowner’s and renter’s insurance does not cover the same types of damages, but there are a few similarities in their offering. Before settling on a type of coverage, be sure to know what difference they have.

What is Homeowners Insurance?

Homeowner’s insurance is usually taken by the individual who owns the home. The insurance amount covers the replacement costs of the house and the personal property it holds at the time of an unforeseen event. These could be any furniture, electrical appliances, and accessories, among others.

The insurance also covers any injuries that happen within your property. In the case of a temporary relocation, your insurer may provide additional living expenses to assist you in settling.

Homeowners insurance is not a state requirement like car insurance. But if you are buying your home under a mortgage, your lender might need you to present homeowners insurance to approve your loan.

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