The Difference Between Renters and Condo Owners Insurance

LAS VEGAS - Dec. 11, 2023 - PRLog -- Did you know that of all the homeowner's and renter's insurance claims that are filed, about 98% of them are related to property damage? In all likelihood, your home holds some of your most valuable possessions. While we like to think our homes are safe, the fact is that we are all vulnerable to damage from fires, flooding from burst pipes and even theft.

No matter what type of home you live in, having adequate insurance goes a long way in protecting yourself financially. However, the type of dwelling you live in determines what type of coverage you need. Homeowner's insurance seems pretty obvious; if you own a single-family home, you need homeowner's insurance. However, if that is not you, deciding between condo insurance and renter's insurance can be a little more challenging.

What Does Renters Insurance Cover?
If you rent your home, then in all likelihood, renter's insurance is the type of policy you need. Because you are not responsible for the building itself, a renter's policy only covers your belongings, not the structure of the home.

Renter's insurance covers your personal property. If your property is damaged due to a covered peril such as a fire or theft, then you are compensated for your loss up to your policy limits.

It includes liability coverage, which pays out for damages incurred by another person. If someone gets hurt while at your home, your liability coverage may pay their medical bills.

It also includes loss-of-use coverage, which covers living expenses if you have to live somewhere else if your home is unlivable for a time due to a covered peril.

Read the full article: https://www.nevadainsuranceenrollment.com/renters-and-con...

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Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com