How does homeowners insurance differ from renters insurance?

Homeowners insurance covers both the physical structure of the home and your personal belongings inside it, making it essential for people who own their property. It also includes liability protection and typically covers detached structures like garages or fences. Because it covers the building itself, it tends to be more expensive. Renters insurance only covers your personal belongings and liability, since the landlord's insurance handles the building structure. If someone is injured in your apartment or your laptop is stolen, renters insurance steps in. It does not cover the walls, roof, or any part of the physical structure. Renters insurance is generally much cheaper, often costing around 15 to 30 dollars per month compared to several hundred for homeowners policies.