What is the Difference between Renters and Condo Owners Insurance

Renter and condo owner insurance are two types of protection that people use to insure their home or apartment. They both affect those who are living in a condominium. However, they cover two different kinds of property that usually go hand-in-hand for complete coverage of your possessions. Having said that, it’s important to know which insurance covers what kind of property you own in order to make the best choice when it comes down to saving money.

To begin, renters insurance is used to cover property that consists of your personal belongings. It could also be said that it covers the contents of your home instead. The kind of items that are covered consist of: furniture, clothing, jewelery, stereo, TV and other electronics and any other personal belongings of value. Condominium insurance covers the actual building, which more specifically means that if the walls, roof, floors or carpeting is damaged, you’re already protected. The condominium insurance also covers personal belongings as well.

The renters insurance covers more of the things that you personally have bought or owned, whereas the condominium insurance deals with the items that are already a part of the condo.

The renters insurance also provides with protection against personal liability. This includes voluntary payments for medical expenses if someone accidentally injures themselves as a result of your own activities or how your building is maintained. It covers injuries experienced by other resident employees like housekeepers while they’re working for you. Along with that is the inclusion of voluntary payments for damage done to the property of others. This may also possibly happen as a result of your personal activities or the way your building is used. It may also happen because of pets or animals that you care for, as well as the actions of your resident employees. The condo owner insurance covers personal liability as well.

Another service provided by the renters insurance, that isn’t available from a condo owner’s insurance is the coverage for additional living expenses. If the need arises where you are forced to leave your condo because of a loss, the coverage will pay for your necessary, but also reasonable expenses to ease the transition to temporarily live away from home. Expenses such as food and hotel fees are some types of expenses that would be paid for.

Something that the renters insurance does not provide is coverage for any improvements or betterments made to your building’s interior, as well as an optional extension for coverage of outdoor trees and shrubs.

The condo owner insurance also doesn’t provide any coverage for the actual condominium building. As such, you also have an added responsibility for public areas like hallways, lobbies and recreational facilities.