top of page
Search
  • neighborsinsurance

Renters vs. Homeowners Insurance

Homeowners insurance Florida and nationwide is never the same as renters insurance. Knowing the differences between the two can ensure that you understand your coverage regardless of whether you are renting or buying. If you are searching for home insurance rates or renters insurance rates in Florida, contact Neighbors Insurance Agency. Structure coverage In an apartment, you do not own […]


Homeowners insurance Florida and nationwide is never the same as renters insurance. Knowing the differences between the two can ensure that you understand your coverage regardless of whether you are renting or buying. If you are searching for home insurance rates or renters insurance rates in Florida, contact Neighbors Insurance Agency.

Structure coverage

In an apartment, you do not own the space in which you are residing. However, you do own everything in the apartment itself. Thus, when you purchase renters insurance, you are purchasing coverage for your items and damage caused by those items rather than the structure. For instance, if a fire breaks out because of faulty wiring then your landlord’s insurance will cover the damage. If what caused the fire was, on the other hand, a curling iron, then your insurance would help you pay for the damage.

With homeowners insurance Florida and nationwide, your house and any other structures on your property are covered. This becomes slightly more difficult to pick apart when you are dealing with condo insurance, where you own part of a structure.

Personal property coverage

In both types of insurance, you are covered for the cost of your items. The amount of money that you receive for your items will depend on what type of coverage you sign up for. For instance, you can get the cash value of your items or you can get the replacement value of your items. The cost of your coverage will depend both on what type of reimbursement you choose and the size of your space. That is, a home with two stories will not be paying the same amount for personal property coverage that a one bedroom apartment would.

Exclusions from coverage

With both types of coverage, you are not going to be covered for every type of catastrophe that happens. Your insurance policy will have fine print that outlines these exclusions but they are often so well hidden that you do not notice them when you sign. These exclusions are typically related to flood damage and—in Florida—hurricane damage. You can purchase separate policies to cover these catastrophes and supplement your policy overall.

Number of people with coverage

Surprisingly, there are fewer people with renters insurance than homeowners insurance. While there is an increasing number of landlords that are requiring renters insurance for their renters, not all landlords do. This means that there are some renters who do not feel that renters insurance is necessary and they go uncovered in the event of an emergency.

Homeowners, because they have more at stake, are more likely to have their properties covered. In both cases, however, the insurance payer is left paying more if they are not covered.

Home insurance rates vs renters insurance rates

Obviously, because houses are larger structures and you are covering a variety of things—not just items within the home but the home itself as well—home insurance rates are naturally going to be higher than renters insurance rates. Renters insurance has a reputation for being affordable while home insurance can be much more expensive depending on your home and land size. Additionally, your location may have an impact in the pricing of your insurance. For example, homeowners insurance Florida rates may be different than rates in California.

Contact Us

Understanding the finer details and differences between homeowners insurance and renters insurance can be difficult. Contact Neighbors Insurance Agency to get rates for homeowners insurance and renters insurance in Florida.

bottom of page