Differences Between Renter’s Insurance and Landlord Insurance

For landlords and their tenants in Milwaukee, WI, our team of insurance professionals at Dern & Company ensures that we recommend the right type of insurance for their situation. Although some folks may get confused about whether they should have renter’s or landlord’s insurance, determining which you want to have can be simple once you figure out the differences between them. Additionally, knowing what each policy might cover can make it easier to tell whether it makes sense for you to file a claim with your insurance or for your landlord or tenant to file a claim for a specific circumstance.

What Is Renter’s Insurance?

Renter’s insurance is a type of insurance policy that covers valuable belongings, liability, and more on behalf of a renter. The person who holds this policy will be a tenant in a rental property like an apartment or rented home. Sometimes, all renters in a home or apartment unit will share a policy, while individual renters in a property who live as roommates may prefer holding separate policies.

What Is Landlord Insurance?

Landlord insurance covers property that a person owns and rents out. As a result, a person must be a landlord to hold it. While every policy is unique, some examples of things that landlord insurance may cover include the structure of the dwelling, liability for which the landlord is legally responsible, and personal property for rentals that include items you own, like furniture or household items in short-term rentals.

How to Tell Which One You Need

As you can imagine, it’s easy to tell what you need when you know what they are. Tenants need renter’s insurance. Landlords, on the other hand, need landlord insurance.

For more information, call Dern & Company in Milwaukee, WI!