Whether you are a homeowner or renter, the appropriate coverage offers important protection.
For homeowners, insurance protects your home’s physical structure, as well as your personal property.
In contrast, renter's insurance only protects your personal property. Never assume that the landlord’s insurance covers you or your belongings. Landlord’s insurance only protects the building.
Both homeowners and renters may need protection against liability for accidents that injure other people or damage their property.
Be aware that coverage for damage caused by flooding is NOT included in your homeowner’s policy. If you live in an area prone to flooding from any cause – for example, hurricanes, rivers or streams – be sure to inquire about purchasing flood insurance, which is available through the federal government’s National Flood Insurance Program (NFIP).
Here’s an important tip: It’s a good idea to make an inventory of all of your personal property, along with a photograph or video of each room. Also, save your receipts for major items and keep them in a safe place away from your house or apartment. That will make it easier if you ever need to file a claim.