Do you know the difference between renters’ insurance and landlord insurance? If not, it may be a good time to review some basics associated with each insurance type. Doing so will better prepare you for planning the amount of insurance you will need before moving into a rental unit.
Renters’ Insurance
Renters’ insurance protects personal property stored within a rental. It also provides liability coverage. This type of coverage is useful if an injury or property damage occurs and a tenant is to blame.
Renters’ insurance can also provide coverage for temporary living situations. For instance, if a rental unit is involved in a fire and becomes uninhabitable, a renters’ insurance policy may cover the cost of renting an alternate housing unit for the time being.
Landlord Insurance
Landlord insurance protects the owner’s land and each rental building situated upon it. This type of insurance is also designed to provide liability relief.
It is important for a property owner to carry liability coverage since they may be faced with a situation that involves paying for an injury or property damage that occurs on their property. Landlord insurance is designed to prevent the loss of property and to minimize expenses that a property owner faces.
A landlord policy can provide coverage if a rental is deemed uninhabitable. A landlord can receive funding in the event that a rental unit is unsafe to live in. This type of coverage is needed during renovations after a natural disaster or criminal act that results in damage.
Support for The Muskogee, OK Region
If you would like to learn more about each type of insurance, set up an appointment to meet with one of our agents from D & E Insurance Agency.
