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The Difference Between Renter’s and Homeowner’s Insurance

Finding the right insurance policy is absolutely vital for any individual who rents or owns property. Whether you’re renting an apartment or own a home, calamities are bound to happen and it’s always better to be safe than to be sorry.

So what’s the difference between renter’s and homeowner’s insurance?

Simply put, renter’s insurance is designed for individuals who are renting a property, whether it’s an apartment, condo or a town home, while home owner’s insurance is meant for individuals who own their dwelling.

Since you don’t own the property, in the case of renter’s insurance one is not insuring the property itself but their personal belongings. It is designed to protect the contents of your home against disaster or theft. Renter’s insurance normally also covers any person that is injured while they are in your apartment. In the case of those injured outside your apartment, the landlord is normally liable for damages.

Homeowner’s insurance, on the other hand, protects the property of the home owner – that is the house itself – against calamities, whether environmental or man-made. It is also designed to cover your personal property that is located within your home.

Homeowner’s insurance also covers the costs of repairing and replacing the house in order to restore it to its original condition. Renter’s insurance does not cover these costs when it comes to damage to the rental property.

In both cases, it’s important to get the right coverage for your needs. The best way to ensure this is to call and speak to a McDougall Insurance expert: 1-800-361-0941.

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