If you live in a rented house or an apartment, renters insurance provides important coverage for both you and your possessions.
Should your rental house or apartment get broken into or destroyed by a fire, or in the event that a friend gets injured at your home, renters insurance provides financial protection for you and your family. It pays for the repair and replacement of lost items, as well as any liability issues you might be responsible for.
A renters insurance policy can provide you with coverage for your personal items and personal liability to protect you from the unexpected.
Condominium insurance provides coverage for your unit where your condominium association insurance ends. Your association typically insures the building and other common areas.
You are responsible for the interior of your unit. Typically, you need personal property and liability coverage in addition to coverage for your floors, walls, cabinets and fixtures that your association’s insurance probably will not cover.
Every association’s insurance policy is different regarding what each unit owner is responsible for, so it is important to review their policy and condominium bylaws carefully.