Munday, Texas
820 W Main St.
Munday, TX 76371

Renters vs. Homeowners Insurance: What's the Difference? November 15, 2017

Munday, Knox
Renters vs. Homeowners Insurance: What's the Difference?, Munday, Texas

Insuring your home and everything inside it is essential to protect yourself, your family, and your assets. What kind of home insurance do you need, though, and what will your policy cover? When it comes to securing coverage for the personal property in your house, you have two choices: renters and homeowners. Below, the team at Glenn Herring Agency in Munday, TX, sheds light the differences between them.

Homeowners Insurance

This type of plan is designed specifically for people who own property. Unlike auto coverage, which has minimum requirements in most states, a home insurance policy is not required by law if you own a house. However, if you finance it by taking out a mortgage, your lender will likely request purchasing coverage.

The plan provides financial protection for the physical structure of your home, as well as everything inside it. For example, if there is a fire or plumbing emergency that causes water damage, your policy usually covers the necessary repairs. Most do not cover flood damage, though.

home insuranceYou can purchase supplemental coverage from the National Flood Insurance Program. Even in an arid state like Texas, protection is essential, as Hurricane Harvey reminded everyone. Unfortunately, when the storm struck, just 15% of the homes in the Houston area had coverage.  

Renters Insurance

If you do not own the home you live in, but you still want to protect your belongings from catastrophes like fire, theft, and water damage, renters insurance is the answer. Unlike homeowners coverage, a renters policy does not protect the physical structure of a house, but it covers everything inside it. To ensure comprehensive coverage, update your plan as needed whenever you acquire expensive items, like a new computer or a nice watch.

If you own a house that you rent to others, you’re responsible for protecting the dwelling with home insurance. There is a range of policies available, and it is up to the individual tenants to protect their belongings inside the residence.

If you want to purchase home insurance in Munday, TX, turn to the Glenn Herring Agency. Their team is equipped with the best resources to get you the plan you need at a price you can afford. Learn more about the different kinds of policies they provide by visiting their website. To discuss your coverage needs with a knowledgeable agent, call (940) 422-4359 today.

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