Renters Insurance
If you rent an apartment or a house, you are responsible for insuring your personal possessions and for personal liability coverage. Personal liability coverage for a renter is the same as it would be for a homeowner. The owner of the property is responsible for insuring the building and for obtaining his/her own liability coverage. The tenants form (H0- 4) or renters policy insures your household contents and personal belongings against the perils included in the HO-2 policy. Like homeowner insurance, it provides coverage for additional living expenses, medical payments coverage, and includes personal liability protection.
Condominium Insurance
Your condominium association should purchase a policy that covers the building, including any common walls and grounds, and includes personal liability protection associated with common properties. You have the right to examine the association policy.
Condominium Unit-Owner Form (HO-6)
To protect your contents and interior walls, you may purchase a unit-owner form (HO-6). An individual unit-owner policy is similar to the homeowners and renters insurance policies.The (HO- 6) provides coverage for a condo-owner who wishes to insure his property or to cover any items not covered by the association’s policy.
A condominium unit-owner policy will also pay for property damage to personal property, wall, floor and ceiling coverings and any accessories not originally installed in the unit. It also provides personal liability protection. Without an HO-6 policy, the personal property of the condo unit-owner will not be protected.
Check with your agent or insurer to see if loss assessment coverage is included in the policy. Loss assessment coverage provides an additional $1,000 coverage if the condominium association levies an assessment against its unit owners to cover expenses for direct losses to the common property that result from a peril covered by the unit-owner’s individual policies.