Schneiderman Insurance Agency, Inc. Blog
Homeowners and landlords are two important types of insurance that should cover different aspects of property damage costs. There are numerous similarities and differences, so it's essential to understand which type of insurance is appropriate for your situation.
The Basics of Homeowners Insurance
Homeowners' insurance ensures financial security for their property by shielding them from damages from disasters, like the following:
The Basics of Landlord Insurance
For rental units, landlord insurance is comparable to homeowners insurance, but there are a few key distinctions. These policies provide structural coverage for any related outbuildings and loss of rent insurance if a covered peril renders the property unsuitable.
Once the tenants are affected on the property, and the homeowner is held accountable, it may also offer landlord liability coverage.
Similarities of Homeowners and Landlord Insurance
Most lenders require homeowners to maintain a homeowners insurance policy and landlord insurance for individuals who purchase a rental property.
Here are some of the similarities of the insurances:
Differences Between Homeowners and Landlord Insurance
Homeowners insurance and landlord insurance provide different types of coverage. Here are some of their differences:
Homeowners and landlords are both extremely important types of insurance. Their advantages can be used in various ways depending on the most appropriate situation.
At Schneiderman Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (818) 322-4744. Get your free quote today by CLICKING HERE. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.