Is Renters Insurance More Expensive Than Homeowners?
- 0 POINTSview profileBrad MillsAgent, American National Insurance, Blaine, MNRenters is much less expensive. A typical house in Minnesota is around 1300 dollars a year. A typical renters policy in Minnesota is around 100 dollars a year. The reason is that you are only covering your personal property. There is no dwelling coverage with renters.Answered on December 2, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaA renter’s policy is cheaper for the same amount of coverage on personal property. A homeowner’s covers not only the personal property but the residence itself. That is why it is more expensive. For your information a Condo policy is a combination of a homeowner’s and tenants because they are not responsible for the grounds and outer walls of the building.Answered on August 7, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! A good way to look at it is like this: With homeowners insurance you need to cover for the structures, the grounds, and the contents. That is going to cost you a fair amount of money a year. With a Condo insurance policy, you are responsible for your part of the building, and your contents. Not so much money a year. With renters insurance, you are responsible only for your apartment, and your stuff. Not much money a year. I hope that helps, thanks for asking!Answered on August 8, 2014flag this answer
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