Q: Why do I need a homeowner’s insurance policy, and is their homeowners insurance for renters and those who own a condo?
A: For most individuals, the largest investment they will make in their lifetime is the purchase of a home. A homeowner’s insurance policy is one of the best ways to help protect your investment.
A homeowners insurance policy will help to protect not only the individuals home from certain types of damage and theft, but it can also help to provide protection for the individuals possessions within the home, as well as cover the individuals liability should someone get hurt or injured on your property.
Individuals who are not current homeowners can also get similar protection through a renter’s insurance policy. Unlike a homeowner’s insurance policy, a renter’s insurance policy will provide protection for the renter’s possessions within the apartment or rental, since the landlord or rental owner is only liable for the dwelling itself (and not the renter’s possessions).
A condominium owner can also purchase a condominium homeowner’s policy to insure personal property. Condominium homeowner’s polices can be different, with some policies including additions/alterations not insured by the condominium association, and some policies not automatically including these.
Condo owners should check with their condominium association and their insurance agent before purchasing a condo insurance policy to make certain they are adequately covered for their needs.