"Homeowners Insurance: What’s Covered
A home will likely be the biggest purchase in your lifetime and while having homeowners insurance in place is required of most buyers, making sure you have the right policy is equally important. It not only covers the structure of your home, but will also protect you if someone gets hurt or there’s damage to another person’s property. Also covered is the additional cost of living elsewhere if your home becomes uninhabitable, as are any medical expenses for others accidentally injured in your home or on the sidewalk outside it. (Medical Payments coverage doesn’t cover your or family members living in the home if they get hurt.) Keep in mind, flood insurance isn’t included in most policies and would result in an additional cost to the homeowner — unless you purchase separate coverage.
Rental Insurance: What’s Covered
For renters there are two types of insurance: the HO-4 for apartment renters and HO-6 for condo renters. Both cover damages from fire, lightning, windstorms, explosions, civil unrest, as well as damage caused by vehicles, smoke, vandalism, theft, pipes bursting and other damage from faulty appliances. Renters insurance also includes liability coverage in case someone gets hurt in your apartment. Living expenses if your place becomes uninhabitable are also covered. But like homeowners insurance, you’ll need a separate policy for floods and earthquakes if you live in an area prone to those events."
What they don't say is that it's much easier to get homeowners insurance if you have previously had renters insurance. When I was renting it was only an additional $10 a month, and that covered all of our electronics, as well as jewelry and furniture.
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