Polson, Montana
302 1st St W. Polson
Polson, MT 59860

What’s the Difference Between Home & Renters Insurance? February 21, 2018

Polson, Lake
What’s the Difference Between Home & Renters Insurance?, Polson, Montana

Whether you rent or own your home, you know having a good insurance policy in place is of the utmost importance. Accordingly, it’s important to know the difference between renters insurance and home insurance, especially if you’re transitioning from renting to owning. Each policy offers different coverages and limitations, and you want to be certain you understand the terms and conditions to ensure you select the best policy for your needs.

3 Key Differences Between Home & Renters Insurance

Structure Coverage

With home insurance, the physical structure of your home (as well as your belongings) is covered by your policy. Conversely, renters insurance only covers your personal belongings; any damage to the structure itself will be covered by your landlord’s property insurance. If you cause damage to your rental in some way, any liability coverage you have may be used to cover costs.

Renters Insurance Is Not Always Required

renters insuranceWhen buying a home, most mortgage companies insist buyers have a home insurance policy in place. This is not usually the case when renting a home or apartment. While some landlords insist a renter’s policy is implemented, the fact remains that many renters do not have policies in place. Whether you rent or own, not having an active policy can be highly detrimental, as you run the risk of losing both your possessions as well as your home.

Overall Cost

Additionally, a renters insurance policy often costs far less than home insurance. The reason for this is simple — even if catastrophic damage occurs to your rental, the cost of replacing your belongings is bound to be less than the cost for replacing or repairing an entire home. Renters insurance is extremely affordable in this case, with policies costing only $20 a month for reliable coverage.


In Polson, MT, renters and home owners look to Bishop Insurance Service for a wide range of trusted products. The company also provides life and auto insurance to ensure the most important things in your life are protected. Call (406) 883-5372 today to speak with an insurance agent about your specific needs, or visit their website to learn more about the company.

Other Announcements, Events and Deals from Bishop Insurance Service
5 Questions to Consider When Buying Business Insurance, Polson, Montana
Business insurance is a crucial part of any company's operating expenditure. It protects you against financial losses, as well as costs that could arise out of a legal action. To hel...read more
4 Answers to Common Identity Theft Insurance FAQs, Polson, Montana
Nearly every month, news of a new data leak emerges. In recent years, hackers have infiltrated the networks of major retailers, government agencies, banks, and even credit reporting ...read more
The Top 3 Reasons to Purchase Renter's Insurance, Polson, Montana
Did you just rent out your dream home? Many renters forget or forego purchasing renter’s insurance prior to moving in. However, this type of insurance can be minimal in cost, wh...read more
3 Important Reasons You Need Home Insurance, Polson, Montana
Property ownership is often a joy, but it also comes with a variety of obligations. For instance, it requires a large investment, and you shoulder considerable responsibility if some...read more