The Difference Between Landlord and Renters Insurance in Santa Monica
If you’re a renter, then you’re already well-versed in renter’s insurance. But did you know your landlord has insurance too? Find out the difference in coverage from our insurance center in Santa Monica.
The person who owns the home where you live is your landlord, and he or she has a separate insurance policy covering that. It covers the dwelling, so if there’s a covered incident, such as a fire, the structure itself can be repaired or replaced. In the meanwhile, before the house becomes habitable again, landlord insurance will compensate them for the rent they’re losing as the house is rebuilt.
Landlord insurance in Santa Monica also protects the homeowner from liability risk. That means if someone injures themselves at your apartment, your landlord is covered if the injured party sues. It’s similar to homeowner’s insurance, with extra eventualities considered given the special circumstances that occur when someone rents from you.
As a renter, you should have renters insurance. It covers all your personal possessions in the event of a covered loss, such as a theft. The structure itself isn’t protected by renters insurance, but your things are—as is the cost of accommodation if your home becomes uninhabitable.
An additional perk of renters insurance is that it covers your belongings even when they’re not in your home. So, for example, if you take your possessions with you while traveling and they get stolen, you can get reimbursed for them. Renters insurance is a low-cost way to protect yourself if the unexpected occurs. It’s a smart investment for sure.
If you want to learn more about landlord and renters insurance, contact Sully Insurance and our experts will be happy to assist you! Our competitive policies will accommodate your needs.