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Renters vs. Homeowners Insurance: What’s the Difference

for Bradenton, Sarasota, Lakewood Ranch and Beyond

Jun 15, 2015


Where are your most important belongings? For most people, the answer to this question is that they are located inside their home. From that state-of-the-art blender you got at your wedding, to the closet packed full of your favorite clothes, to your home entertainment system, you likely own a lot. It is important to protect these items if you and your family should ever be faced with a disaster. The first step to doing this effectively is knowing, and understanding, the difference between renters/homeowners insurance.

Renters vs. Homeowners Insurance

The main difference between renters and homeowners insurance is very simple: renters insurance is for those who rent the home they live in, while homeowners insurance is for those who have purchased a home. Just as an FYI though, a renters policy is just a different form of homeowners insurance, so don’t let it confuse you when a renters policy is referred to as a homeowners – that’s actually and technically correct.

The primary coverage difference between the two policies is that homeowners insurance will cover the structure of the home itself. This way, if the home is damaged, it can be rebuilt. Renters insurance, on the other hand, covers only the belongings inside the home or apartment being rented, and not the structure.

What You Need to Know

  •    Homeowners insurance is necessary when purchasing a home and required by banks
  •    The replacement cost of your home will determine your premium – the value of the land is always excluded and the purchase price is a market condition that does not matter
  •    Replacement cost estimators (RCE’s) are available, but they’re just an estimation tool used to help homeowners choose a value –the best tool is an appraisal conducted by a paid professional
  •    Renters insurance is not mandatory, but is likely much less expensive than you might think, and is fully customizable

Bradenton Insurance Has the Answers You Need

Bradenton Insurance has 60+ years of experience in helping both homeowners and renters find the insurance best suited for your individual needs. If you would like to keep the things that matter most to you safe, get a free quote today via our website. We look forward to helping you feel confident in the choices you make about insurance!


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