Both types of insurance are extremely important so here we will break down the similarities and differences between the two:
Similarities:
1.Both offer coverage of personal belongings in cases of fire, theft & natural disaster
2.Both offer liability coverage meaning that you have protection against lawsuits from damage caused to a third-party such as a visitor.
3.Both offer supplementary living arrangements so should your home become uninhabitable the insurance pays for living expenses such as food, accommodation and travel.
Differences:
The only significant difference between renter’s insurance and homeowner’s insurance is that structural features such as walls, fixtures and plumbing are the responsibility of the homeowner. Renter’s insurance only covers the rental liability and their personal belongings.
It is important that both tenants and landlords read policies in full to be sure they have the best coverage for their needs.
And for all of your Phoenix Real Estate& Phoenix Property Management needs be sure to contact RPMWV Phx www.rpmwvphx.com 623-748-7800
