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Condo Rental Insurance

In some condo rentals, the condo may have already purchased insurance on their property. In the event of damage, the possession of insurance by the owner covers the building and, since they're the insured party, may also cover any property they own in your home. However, property in your possession is still in jeopardy if an accident were to occur, unless, of course, condo rental insurance has been acquired. Because even though the condo is not in your name, much of the personal property in it most likely is. When a condo rental insurance policy is bought, the insured renter will pay a premium to an insurance company, who, in exchange, will provide financial coverage on damages that occur in certain situations. If your rental insurance includes liability coverage, you will also be covered in the event another person was injured within your home. If, for example, a fire in your home were to injure a person in your home, the medical bill should be covered by your insurance.

Fast Facts

  • condo rental insurance policies will have a maximum on payments for personal property damage
  • 1/3 of tenants do not have rental insurance

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