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Do You Need Renters Insurance Or Condominium Owners Insurance

Updated on September 27, 2013

Renter's insurance being similiar to condo insurance can be confusing due to they both are similiar to some degree. While of course a renter insurance policy are for individuals who dwell in apartments, and are leasing their living quarters from a landlord or management company versus individuals who are condo owners are actually purchasing a piece of property. Individuals who are purchasing property such as a condo are required to have insurance whereas renters are not required to have renter's insurance, but it certainly is in their best interest. Individuals who are renting an apartment, have different reasons for wanting to have insurance. For individuals who have valuable belongings, and want the security of knowing their personal property is protected in case of a burgulary would want to have coverage.

Renter's Insurance

For example; if you own very expensive equipment such as several computers, printers, and/or jewelry that is costly it is a good idea to have insurance. Especially nowadays it is very common for individuals to work from home, and need coverage in the event of property being stolen or suffering a type of damage. Most individuals who work from home in most instances own their own home, and will have protection on their homeowners insurance. But those who do not own their own property should opt for the renter's insurance.

 

renters insurance rates
renters insurance rates

Condominium Owners Insurance

Condo owners are required by law to have insurance before they close on their property.  Actually any piece of property that you plan to purchase will require homeowners insurance in order to close.   If you do not have this item, your lender will give you what is called a list of conditions in order to have your loan - mortgage refinanced (or new purchase) closed.  You will need to provide proof of insurance in writing to the lender.   The insurance company is well familiar with providing proof for closing, afterall it is there line of business, and will be more than happy to assist you.

 

Comments

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  • adrienne2 profile imageAUTHOR

    Adrienne F Manson 

    8 years ago from Atlanta

    Ictodd, pmccray, having renters insurance will give peace of mind just knowing you're protected. It was years even before I knew there was such a thing as renters insurance, of course this was in my young years lol.

  • pmccray profile image

    pmccray 

    8 years ago from Utah

    In the apartment we rented prior to buying our current home I had renters insurance. We never had to file a claim, but just knowing we had it was a comfort. After years of renting I decided to purchase the policy when I noticed that some apartments in our building had fireplaces. This was frightening to me, because most do not know how to use or maintain them. Very informative hub.

  • lctodd1947 profile image

    lctodd1947 

    8 years ago from USA

    Very good information to share for those who are buying a Condo and those who rent. I am familiar with this as I have been a mortgage loan underwriter and you have explained it very perfectly. Thanks for sharing.

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