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The Differences Between Homeowners and Renters Insurance

Are you among the millions of households that are currently renting a Miami home or apartment? If you’re planning to rent in 2019, you may find that the home you’re staying in will require you to have renters insurance. Having a degree of understanding of what this insurance is all about can save you from potentially being left with nothing if a disaster were to strike.

With homeowners insurance, damage to the building is covered. A typical policy will cover the homeowner’s personal possessions, but that is not the case for the tenant that may be renting the property and his or her personal possessions. If, for example, a fire were to cause damage to the home or apartment, its structure would be covered.

With renters insurance, a trio of protections are included and these are personal property coverage, additional living expenses, and liability. Liability will protect you should a person or property suffer injury or damage, even if it’s caused by a pet. Additional Living Expenses will cover you if the rented home or apartment is destroyed and you must live elsewhere for a period of time.

Policies may vary but the majority will protect renters in the event of something like wind damage, fire, smoke damage, an explosion, or theft. Similar to the average homeowners insurance policy, floods are not covered in most renters insurance policies.

This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or a property insurance disputes Miami lawyer and receive a free consultation We look forward to working with you.

This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.