How Does It Differ from Homeowners Insurance?
At their core, both types of insurance cover the main living structures as well as structures attached to the main house, such as garages or decks. However, whereas homeowners insurance may provide certain other coverages, such as comprehensive liability protection for a variety of situations in which someone may come into the home and either get injured or suffer property damage, property damage insurance can be less comprehensive than typical homeowners or renters insurance in the scope of the liability coverage it provides. However, the entire purpose of this insurance is to protect the physical structure, so the lesser coverage it provides as compared with homeowners insurance may be exactly what the situation calls for. If you own a property that you do not live in, but you are instead renting out to a tenant, then it would make sense that your concern would be for the protection of the actual structure (which you own) rather than your tenant’s personal belongings (which you do not own) or protection for the tenant in the event someone is injured as a result of that tenant’s negligence.