When people shop for home insurance, they are actually obtaining not just one type of coverage but possibly several different coverage rolled into one package policy. Whether you are dealing with homeowners insurance, renters insurance, or condo insurance, they are all typically included within the category of home insurance. Whether you own the property that you live on or you are renting it short term, you need to have insurance coverage to guard against disasters and losses.
Homeowners, Condo, and Renters Policy Types: The Differences
A homeowners insurance policy is for people who own their own home. This can be either a house or a condominium: Essentially, if you are making payments on the home with ownership as the end goal you will need homeowners insurance. This type of policy will cover both the dwelling of the home and all the contents of your home. It will cover the majority of natural disasters (certain disasters like earthquakes or floods may be excluded but you may add extra coverage for that specific purpose) and will allow you to replace or rebuild damaged property. If your home is broken into by a thief and items are stolen, your insurance will help replace stolen items and pay for any damage in terms of vandalism that the thief did.
With a renter's policy, the coverage includes the inner contents of the home, apartment, or room that you are renting. If you were to take the apartment, turn it upside down, everything that would fall down would be covered under the renters insurance policy. This coverage protects you for the break-ins, the natural disasters, fires, and other circumstances that are beyond your control. Even though your landlord will have a landlord policy on the place you are living, it does not cover your own personal items as a renter, which is why renters insurance is essential. It may also includes loss of use which will pay for you to live in a comparable unit while your place is being repaired.
You may be very surprised to see the range of prices you'll get in home insurance quotes.
You can sometimes save hundreds of dollars, or even more, simply by choosing one company over another. However, it is important that you get quotes only from reliable top carriers. At SJ Insurance, it is our job to provide you multiple quotes from the top carriers. We give you the power to compare all the best policy options conveniently at home!