In Georgia, homeowner's insurance policies and landlord insurance policies have some similarities, but also some key differences. Here are the main differences between these two types of policies:
Property Coverage: Homeowner's insurance policies typically cover the physical structure of a primary residence, as well as personal belongings and liability protection. Landlord insurance policies, on the other hand, typically cover the physical structure of rental properties, as well as any personal property belonging to the landlord that is kept on the premises, such as appliances or furniture. Landlord policies may also offer additional coverage for loss of rental income if the property becomes uninhabitable due to covered damage.
Liability Coverage: Homeowner's insurance policies typically provide liability coverage for the homeowner and their family members, while landlord policies provide liability coverage for the landlord as well as any tenants or guests on the property.
Tenant Coverage: Landlord insurance policies may include coverage for the tenant's personal belongings, but this coverage is usually optional and may require the tenant to purchase a separate renter's insurance policy.
Cost: Landlord insurance policies are typically more expensive than homeowner's insurance policies, due to the increased risk associated with renting out property.
Coverage Restrictions: Homeowner's insurance policies may have restrictions on the amount of coverage provided for home-based businesses or short-term rentals, such as through Airbnb. Landlord policies may also have restrictions on the number of rental units covered or the type of tenants allowed, such as college students or those with pets.
It's important to note that the specifics of homeowner's and landlord insurance policies can vary by insurance company and policy, so it's important to carefully review and compare policies before making a decision.
