Is Rental Insurance Cheaper Than Homeowners Insurance?

1. 

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   “Renters insurance” is commonly called a tenant policy.  Yes, tenant policies are cheaper than homeowners.  Although the policies are similar, the homeowner’s policy protects the building itself, the renters does not (that is the landlord’s concern.)  Both policies have a section that is largely overlooked and that is liability coverage.  Whether you own or rent, a lawsuit can ruin your day.

   Answered on February 26, 2014

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   Waltere Koti

   Principal Agent, First Insurance Agency Inc, United States

   Renters insurance is definitely cheaper than homeowners insurance. The reason is that renters insurance covers almost everything covered by your homeowners policy except coverage A or the dwelling. The dwelling is covered by the Landlord and the content, liability, medical payment and loss or uses is covered by the tenant. A homeowners policy will cover all these plus the structure and that is why it cost most.

   Answered on June 3, 2015

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