The two policies sound similar and share a lot of DNA — but one crucial line separates them: who owns the building. Get that straight and it is easy to see which policy you need and what it will and will not cover.
Homeowners and renters insurance protect a lot of the same things — your belongings, your personal liability, and the cost of living elsewhere if your home becomes unlivable. The difference is one line: do you own the building?
If you own your home, homeowners insurance covers the structure itself plus your belongings and liability. If you rent, you do not own the building, so renters insurance leaves the structure out — the landlord insures that with their own policy — and covers only what is actually yours: your belongings, your liability, and your additional living expenses.
Insurance is state-licensed, so available coverage, requirements, and pricing vary by state. RMO Insurance offers state-licensed property coverage, and a licensed RMO agent explains the coverage, limits, and exclusions before you buy.
Both policies are built from similar parts — the structure coverage is what differs:
In short: renters insurance is essentially a homeowners policy with the building coverage removed, because a renter does not own the building.
Which policy you need follows directly from your situation:
Because insurance is state-licensed, the coverage available and what landlords can require vary by state. A licensed RMO agent can explain the options where you live and help match a policy to what you actually need, with everything managed in your MyRMO account. For pricing, request a quote.
Homeowners insurance covers the building or structure itself, your personal belongings, and personal liability. Renters insurance covers your belongings, personal liability, and additional living expenses — but not the building, because you do not own it. That single difference, who owns the structure, is what separates the two policies.
No. A landlord’s policy covers the landlord’s property — the building and the landlord’s own liability. It does not cover a tenant’s furniture, electronics, clothing, or other personal belongings, and it does not cover the tenant’s personal liability. To protect your own things, you need your own renters insurance policy.
Anyone who rents a home or apartment and owns belongings worth replacing. Renters insurance is typically inexpensive relative to other coverage, and many landlords now require tenants to carry it. It also provides personal liability protection and pays additional living expenses if a covered event makes the rental unlivable.
If a covered event — such as a fire — makes your home or rental temporarily unlivable, additional living expenses coverage helps pay the extra costs of living elsewhere, like a hotel or short-term rental. It is included in both homeowners and renters policies. A licensed RMO agent can explain the limits, with your policy managed in your MyRMO account.
These guides go deeper on home and renters coverage:
