What is the difference between renters insurance vs. homeowners insurance?

I've consulted my insurance company about insuring my personal property and said I need a renters insurance, but I own my home. I am confused. Isn't it what I need is a homeowners insurance?...

I've consulted my insurance company about insuring my personal property and said I need a renters insurance, but I own my home. I am confused. Isn't it what I need is a homeowners insurance? or renters insurance applies with owning a home too?

lucee	No, renters insurance and homeowners insurance are two different things. If you own your home, you need homeowners insurance with a personal property rider that covers such things as jewelry, computers, tv and electronic equipment. Homeowners insurance covers the house and its contents. Renters insurance is for people who rent a house or apartment and want to cover the contents only. They can't insure the building, only their furniture, etc.

txrealestateagent	Find a different insurance agent. This is a very simple concept. You need homeowners (hazard) insurance. Hazard insurance insures your personal property, the real property (structure) and a number of other things. Renters insurance is for renters, as the name implies. Renters insurance covers the renter incase their person belongs are damaged under the terms of the policy. Since the renter has no ownership interest in the rental property, they have no insurance interes in the property.

SlapHappy	When I rented from someone else, I had rental insurance. Whenever I've owned my own home, I've had homeowner's insurance, also called "hazard insurance" on the mortgage. I'd suggest clarifying it further with your company.

dennis l	renters insurance covers the tenants of a rental apartment/or rental home. the coverage is activated when there is a loss at the rental property the tenant's personal property is covered. homeowners ins. covers the home, its contents and Any liability exposure to the homeowner.it doesn't cover tenants property. best to check your lease/rental agreement when you are renting. hope this helps.

mkulda	You were mis-advised. I suspect either you answered the insurer's questions incorrectly or they didn't understand what you were asking. If you own the home...you need a homeowner's multi-peril insurance policy....simple as that. If you are renting from a landlord who owns the property, then you need a renter's insurance policy.

chazzer	Well, I wouldn't be using them as MY insurance agent !!!!I would be going somewhere else...

Sherral	Renters insurance only covers your personal item inside the house. Homeowners covers the replacement of the house itself.

patricialer	VERY IMPORTANT: 3 Things you need to check before you buy any homeowners insurance 1) First Loss Policy - This feature ensures that the insured will not be penalised in the event of underinsurance. 2) Full Theft Coverage - In event of burglary, evidence of forcible or violent entry is not required. 3) Worldwide Personal Liability - When held legally liable for causing bodily injury or property damage to third party due to negligence

mbrcatz	renters insurance is also called a Tenant Homeowners policy. It does NOT include coverage for the building itself - only your liability, loss of use, and stuff inside the building. If you don't own the building, you need a Tenant Homeowners, aka, renters policy. Why would you not want to insure the building, and only the stuff inside it?? It's much cheaper to insure a house on a homeowners policy. If, for example, it's a four family unit, then it's not eligible for homeowners, and you would put a dwelling or commercial policy on the building and loss of rents, and take a renters or tenants policy for the liability, contents, and loss of use. Don't let the "label" hang you up on the product - the real difference between policies is the coverages they offer - you need to buy it based on the coverages, not the name.

hrt	homeowners insurance covers your actual dwelling...it will only cover personal property on the inside if you itemize everything...usually with a video camera. homeowners is for the structure itself...not always the personal property on the inside...which is the opposite of renters insurance..that's probably why he told you to look into it. raise your limit on your homeowners insurance and take a video of everything in it. be sure to list everything...and receipts are helpful