Suppose you’re a Pomona, CA resident looking to protect your investment in your home, personal property, or both. In that case, property-based coverage options like homeowners insurance and renters insurance are absolute must-haves. But what is the difference between the two, and which is your choice?
At THINK Insurance & Financial Services, we can help you make sense of your options. In the meantime, here’s a quick look at the key differences to know.
Homeowners insurance is designed for people who own their residences and need to protect not only their personal belongings but the residence’s structure. Homeowners insurance also protects the homeowner from liability for damages and injuries others may sustain while on their property.
On the other hand, Renters insurance is specifically for people who rent or lease their residences. It covers their personal property in the event of damage or theft but not the residence itself.
Federal or state law does not require you to carry either homeowners’ or renters’ insurance in California. However, certain factors may still make it mandatory.
For example, some landlords require their tenants to carry renters insurance to live on the premises. And if you have a mortgage on a home you own, your lender may require you to carry homeowners insurance until it’s paid off.
Do I Need Renters Insurance?
Many people think that they don’t need to worry about residence-based insurance if they don’t own their Pomona, CA residence. However, this isn’t true.
If you’re like most people, you’ve invested a lot in your belongings and personal treasures. Should they ever wind up stolen, damaged by a natural disaster, or lost in a fire, you’ll likely be able to replace them if you’re insured. You’re also protected should you ever be found liable for injuries and damages others sustain in your home.
Ready to take the next step? Contact a representative from THINK Insurance & Financial Services to discuss your options.