You might not think there will come a time when you’ll need both renters and homeowners insurance. You will likely never need these policies on the same property, that’s true. However, times may arise when you need home coverage on one property and renters on another. image of home How can you maximize savings and coverage on these separate policies?Most people don’t need both types of coverage. However, options for buying both types of coverage simultaneously do exist.
The Similarities of Renters Insurance and Home Coverage
Homeowners insurance and renters insurance are both types of property coverage. However, they differ in the types of properties they cover. Homeowners insurance covers the assets of a home owned (in most cases) by the resident. It can also cover properties someone rents to others. Renters coverage insures a property where the resident holds a lease and pays rents.