What Is Home Contents Insurance?

When many of us think about buying home insurance, we thing about a homeowners policy. But that sort of policy also covers the building and property. If we just rent, or only need to cover our own personal property, what we really need is home contents insurance.

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Renter’s Insurance

This coverage sometimes come with a different sort of home policy, usually called renters insurance. Renters should not need to protect the building or land, but do need to protect their own possessions against loss or damage. Examples of things protected under a contents insurance policy could be a laptop, jewelry, or a DVD collection.

 In some cases the protection will extend to these items when they are taken out of the home. For instance, if you wear your wedding ring out, and it is lost or stolen, your contents insurance may still cover it. It is important to check with the details of your specific policy.

Condo Owners Insurance

Sometimes, condo owners also look at contents insurance. They may have a building or condo association insurance policy which covers the outside structure. So their insurance may be more similar to a renters policy even though they technically own their own condominium apartment.

Is Contents Insurance All A Renter Needs?

Now a policy may cover more than just the contents. Some renters insurance policies also provide liability protection and relocation assistance. These can be very important too. If a visitor is injured in your home, owned or rented, they may sue for damages. And if the structure is damaged, it may be important to seek temporary lodging while repairs are made or another homme can be found. Relocation assistance usually provides money so a displaced tenant can stay in a motel or apartment for a set period of time.

Who Needs Contents Insurance?

Of course, all homeowners will consider contents insurance as a part of their total homeowners insurance policy! The point of this article is simply to point out that renters and condo insurance policies may emphasize protecting this personal property over other coverage.

Learn more about different types of home coverage, including home contents insurance.

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