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When you see Landlord insurance and then again homeowner insurance, do you get confused and wonder if they are the same? A failure to have a good grasp of the difference between this two could have you paying dearly. Enough of the introduction already. Here are a few differences.
It is the need that determines the coverage and to understand the need, we need to examine the situations closely. This would certainly bring it nearer home to us.
Homeowner insurance is what you would need if you both own a home and live in it. If however you own a home but do not live in it rather you have it rented out to a tenant, then you would be needing a landlord insurance. These are the reasons.
If we were to go by common thinking, a landlord is expected to take better care of his property much more than a transient tenant would. That is the base of the argument. The insurer knows you would take more care of your home because you have a vested interest in it unlike a tenant who can simply pack up and leave at the slightest urge
If you live in your home and somehow damaged a part of your home, you would not go to make a claim for that because it is in most policies excluded. If you try to claim, it could be interpreted as a deliberate effort to get some money from the insurer and this could be criminal. On the other hand, should one of your tenants cause a damage to your property, you could make a claim and be paid on your claim. Depending on the scope of your coverage, it could come under malicious damage.
Given the examples given above, it wouldn’t be out of place to think you now understand the difference between the two coverages.
Landlords now need to know how to save on their landlord insurance policy
One singular thing that can really have an impact on your coverage is the people you let your home out to. Letting out your house to people perceived to be stable, have a steady source of income and generally responsible like professionals would be greatly to your advantage.
Lastly, be sure to get and compare as much free home insurance quotes as you can. Get free home insurance quotes and be sure of enjoying the lowest rates possible.
How Do I Start Getting Quotes? Start from these links Affordable Home Insurance Quotes and Free Home Insurance Quotes Chimerenka Odimba is the publisher of several finance based sites.
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