Do you need condominium insurance if you rent your condo instead of own it? Just what kind of coverage do you need to protect your home?
Condominiums are an attractive option for families looking to live in a larger dwelling but cannot afford or don’t want to live in a house. They generally cost more than a one-bedroom apartment, but less than a single family home. Although condominiums are usually owned, they can occasionally be rented—as long as the condo’s homeowner’s association approves it.
Whether you rent or own your condo, condominium insurance is important to consider.
The Differences Between Condos, Apartments, and Houses
Insurance works differently for rented properties versus owned properties, and it’s the same for condo insurance too. If you’re renting a property, you are not responsible for the apartment itself. The building is the property of the landlord; he or she is responsible for insuring it. Renter’s insurance policies are often optional, and will only cover your personal belongings.
Insurance is a bit different if you own your property. Generally, your homeowner’s insurance policy only covers the building itself. However, you can get additional coverage for belongings, liability, and other factors.
What is Covered by Condominium Insurance?
Condo insurance differs whether you’re renting or owning, but what does a policy actually cover?
A renter’s condo insurance policy will only cover your personal belongings, just like most other policies. The cost will be determined by the value of your belongings, so be sure to get a policy with enough coverage if you’re renting.
If you own your condo, your insurance means you’ll only need to worry about the inside of your dwelling. Whatever goes on inside your walls is your responsibility. Common areas like the hallways, outside of the building, elevators, etc. will be the HOA’s concern. You may find that your HOA will cover the interiors of units as well, so look into that before you shop for a policy.
In conclusion, if you live in a condo, you will probably need condo insurance. Whether you rent or own it won’t matter much, as your HOA will most likely require you to get a policy. Either way, now you know how important insurance is to any dwelling, and that includes condos.
Does your policy have enough coverage? Based on the type of property you live in, you might need more than you think. Get started with an insurance quote and find out what you need!
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