ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Renters Insurance Cost Considerations

Updated on July 14, 2011

Renters Insurance Cost Considerations

When you are taking into consideration buying or have just bought a condo, you will be amazed to find out how renters insurance and homeowners insurance are so different. Obviously, the differences between a condo and a home are apparent, but there are a few significant aspects to think about. Your renters insurance cost will be one of the top points to consider. Owning or renting a condo means that you’re a part of the community inside the condominium complex and part owner in the common areas. Although various condos have their own insurance plan that your condo fees help fund, it is quite likely additional coverage will be required as part of your individual renters insurance policy. If you have particularly high valued items such as artwork, computers, multiple plasma TV’s make sure to inquire about high value contents insurance.  

Make sure that you look at your policy first when you start to consider moving into a condo. When you first purchase a condo unit you will be given a copy of the principle policy, this is the policy that is included for with your condo fees. Your principle policy will clearly let you know what is not covered by the condo group plan, and these left over items will need to be included in your personal policy. Carefully reviewing what the condo group association has mentioned for a deductible is extremely important. You’ll find that dishwasher and washing machine floods will be more typical then other disasters but you will be required to split the deductible with the other condo owners. Varying on the size of your condo community, this may be as little as a couple thousand dollars, or upwards to fifty thousand dollars. If your deductible is unmanageable, you will want to let your private insurer know and ask for options that can help save you from financial debt in the event a claim may have to be made by the association.

High Value Contents Insurance

Contents Insurance

As I mentioned earlier one of the prevalent things that condo owners and renters forget to consider is water damage. Not every contents insurance policy will protect you from damages and losses in the event a neighboring condo in your complex is the cause of your claim. Flood and wind coverage may also not be included, but depending on your location it may be a worthwhile investment to pursue.

When you talk to your insurance provider or real estate agent about contents insurance to cover your assets inside of your new condominium you the chance to choose between two types of coverage. The typical cash value insurance plan is the cheaper option, but the draw backs of that plan need to be given consideration. With the cash value policy you are reimbursed the value of the items that become damaged, minus any depreciation. Since computers, LCD TV’s and other forms of technology are common, this may make replacement intricate due to the depreciation on these types of objects. The best, yet typically more costly, option is a replacement cost policy. When you get a replacement cost policy you’re given the actual cost of replacement. As an example, if your desktop computer is a few years old, your replacement value would be the cost of a current new desktop, where as with the other plan you would receive the cost of the new laptop minus a couple years of depreciation, which can be a considerable loss. All of these factors will vary your renters insurance cost.

Renters Insurance

Since the process of insuring a condo may not be as simple and straight forward as traditional household insurance, finding the right agent to take care of your needs will make it much easier to understand. Having a local realtor can help a great deal as well. They are experts in their field, and are committed to finding not only the perfect condo for you but also help guide you to a contents insurance policy that specifically suits your needs.


    0 of 8192 characters used
    Post Comment

    No comments yet.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)