In case you didn’t know the difference between the two already, homeowners insures the property as well as the contents inside the house whereas renters only covers the contents. This is because the renter does not have an insurable interest in the property; only the homeowner does. What does this mean exactly if you do own your own home and have someone living with you? This means that your roommate, boyfriend/girlfriend, or even relative’s belongings are not covered under your homeowners policy! Only the named insured is covered under homeowners policies. Now if you both buy the house jointly you both have an insurable interest, this would mean you both would be named insured and would be covered.
Always check with your agent about coverage’s to make sure you and your roommates are covered!