Insuring the house: Points to ponder before moving in

Both tenants and new homeowners make lasting investments for themselves when they choose to sign the papers to their new home. Be it theirs by deed or given by lease, the home is an important part of any person’s life, and steps must be taken to secure it in the event of unforeseen circumstances. Regardless of whether the home is rented or owned, it is a person’s personal castle and must be safeguarded at all costs.

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Two markedly different types of insurance exist for both the tenant and the homeowner, each with its own benefits to the occupiers of the home and their possessions.

Renter’s insurance is used to protect the tenant’s possessions. This is useful in the event of fires, break-ins, and other unforeseen events, which are usually not the responsibility of the landlord, whose main concern is the building. Having renter’s insurance enables the tenant to protect and recover from such events, which can be just as damaging as those that take place in a home.

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Home insurance is a must for any homeowner, particularly new ones. The home is a particularly large investment—the largest most people would ever make in their lifetime. Unlike the tenant, the homeowner is fully in charge of both the building and the possessions inside it, and must take the necessary actions to protect it from damage. Home insurance allows homeowners to recover quickly from unforeseen events without compromising the integrity of their homes.

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Freeway Insurance’s website offers more information on insurance coverage for renters and homeowners.