1. 0 POINTS
    Brad Mills
    Agent, American National Insurance, Blaine, MN
    Renters is much less expensive.  A typical house in Minnesota is around 1300 dollars a year.  A typical renters policy in Minnesota is around 100 dollars a year.  The reason is that you are only covering your personal property.  There is no dwelling coverage with renters.
    Answered on December 2, 2013
  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    A renter’s policy is cheaper for the same amount of coverage on personal property.  A homeowner’s covers not only the personal property but the residence itself.  That is why it is more expensive.  For your information a Condo policy is a combination of a homeowner’s and tenants because they are not responsible for the grounds and outer walls of the building.
    Answered on August 7, 2014
  3. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! A good way to look at it is like this: With homeowners insurance you need to cover for the structures, the grounds, and the contents. That is going to cost you a fair amount of money a year. With a Condo insurance policy, you are responsible for your part of the building, and your contents. Not so much money a year. With renters insurance, you are responsible only for your apartment, and your stuff. Not much money a year. I hope that helps, thanks for asking!
    Answered on August 8, 2014
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