Condo Insurance vs. Renters Insurance

Did you know that of all the homeowner’s and renter’s insurance claims that are filed, about 98% of them are related to property damage? In all likelihood, your home holds some of your most valuable possessions. While we like to think our homes are safe, the fact is that we are all vulnerable to damage from fires, flooding from burst pipes and even theft.

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The Difference Between Renters and Condo Owners Insurance

No matter what type of home you live in, having adequate insurance goes a long way in protecting yourself financially. However, the type of dwelling you live in determines what type of coverage you need. Homeowner’s insurance seems pretty obvious; if you own a single-family home, you need homeowner’s insurance. However, if that is not you, deciding between condo insurance and renter’s insurance can be a little more challenging.

What Does Renters Insurance Cover?

If you rent your home, then in all likelihood, renter’s insurance is the type of policy you need. Because you are not responsible for the building itself, a renter’s policy only covers your belongings, not the structure of the home.

Renter’s insurance covers your personal property. If your property is damaged due to a covered peril such as a fire or theft, then you are compensated for your loss up to your policy limits.

It includes liability coverage, which pays out for damages incurred by another person. If someone gets hurt while at your home, your liability coverage may pay their medical bills.

It also includes loss-of-use coverage, which covers living expenses if you have to live somewhere else if your home is unlivable for a time due to a covered peril.

What Does Condo Insurance Cover?

If you own your condo, then you need condo insurance. There are two types of condo insurance, including the association master’s policy, which is for the entire complex and paid for in part by each resident, and your personal policy.

The master policy covers the building’s structure, including common areas, elevators and anything in the condo that is part of the unit. Your personal condo insurance policy covers everything left out of the master policy, such as personal belongings and liability coverage.

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Do I Need Renters or Condo Insurance?

In most cases, a landlord, property manager or condo association requires all residents to have insurance. If you are moving to a new home and do not know what is required, speak with the owner.

Finding the Right Insurance Coverage with Nevada Insurance Enrollment

The cost of condo or renters insurance can vary widely depending on where you live, how old the home is, where the nearest fire station is, your credit score and a myriad of other factors. Coverage options and policy discounts also vary, which can make it a challenge to find a policy that meets your needs.

At Nevada Insurance Enrollment, experienced insurance agents help you review your needs, your landlord’s or housing association’s minimum requirement and your budget to help you find the best policy for you.

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Read More: Auto Insurance in Las Vegas, Nevada

 

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DISCLAIMER: It is important to note that the information contained herein is made general for the purpose of explanation.  You should consult your policy for exclusions or other language that may alter your policy.

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