Whether you own a house or rent an apartment, insurance is essential. But the type of policy you need depends entirely on your living situation.
Let’s compare homeowners insurance vs renters insurance so you know exactly which one fits your lifestyle.
Homeowners Insurance vs Renters Insurance: Which One Do You Need?
🏠 Homeowners Insurance
Who it’s for: People who own their homes
What it covers:
Structure of your home
Personal belongings
Liability coverage
Additional living expenses if you’re displaced
Average Cost (U.S.): $1,200/year
🛋️ Renters Insurance
Who it’s for: Apartment or home renters
What it covers:
Personal belongings (furniture, electronics, clothes, etc.)
Liability protection
Additional living expenses
Average Cost (U.S.): $15–$25/month