CAN YOU GET HOMEOWNERS INSURANCE IF YOU RENT?

Insurance for those who rent a home is available by a different name. It is usually called renters insurance or apartment insurance. It is important to supplement your landlord's homeowners insurance with your own renter's insurance. This is because your landlord is only responsible for insuring the building and property. The landlord is not responsible for insuring your "stuff". So if a tree falls in a storm and takes out the roof; the landlord must fix the roof but you must either replace or sleep in that soaking wet bed.

Much like homeowner's insurance; renter' insurance covers loss or damage to your belongings. Common coverage includes loss or damage due to fire, lightning, theft, smoke, vandalism, windstorm and hail. Some renter's insurance companies offer liability protection, living expenses (should you have live elsewhere while damage to the building is being repaired), and possibly loss of property while traveling. As you are not insuring any buildings or property, renters insurance generally has lower premiums than home owner's insurance. Like homeowner's insurance renters must purchase additional flood insurance should they want flood protection.

There are two kinds of rental insurance payouts depending on your policy. Actual cash value coverage pays an amount equal to the current cost of replacing your possessions minus the depreciated value. Replacement cost coverage pays the amount it would cost to replace your property but only if you actually replace them. There may be a limit on how much you can receive. Since the amount of the policy may be less than what is necessary you may want to get a "floater". This is an additional policy that provides extra coverage for valuables such as jewelry. Floaters may also cover accidental loss (say of your diamond down the sink).

Home owner's insurance; renters insurance; different but similar. Just be sure to get what you need.