Condo Rental Insurance: Is This What I Need If The Owner Has Insurance?

By Kyle Fitzsimmons, InsuranceAgents.com Staff Writer

Insure Your Things with Condo Rental Insurance

Renters of all types have the option of purchasing insurance with some deciding not to, but if you are renting a condo it might be a good idea to look into purchasing condo rental insurance.

Note: Fast easy way to get the best rates on condo rental insurance is to get condo insurace quotes from a reputable home insurance agent by using our online agent finder to find and compare quotes from up to 5 local agents. Cost of renter's insurance can vary, however, getting low rates is always possible when you get accurate insurance quotes.

Homeowners across the country know all too well that purchasing insurance is a fact of life. However, renters are afforded the option of whether or not to insure themselves and their belongings. Most opt not to in favor of taking their chances over shelling out their hard earned money but those who are renting condos will find it is worth their buck to take out condo rental insurance.

It is often tempting to assume your belongings are covered under your landlord’s insurance but that is not necessarily the case. Condo rental insurance ensures that should your personal possessions be destroyed or stolen, you will be covered no matter what. According to Financial Web, condo rental insurance is a necessity for seasonal tenants because even if their owner or landlord has insurance for the building, it often does not cover your personal belongings.

According to NAIC.org, there are several common misconceptions about all kinds of renter’s insurance, including condo rental insurance.

• “Renter’s insurance costs too much money.” This is not the case and purchasing condo rental insurance is no exception. Most policies cost $15 to $30 per month. Can you really put a price on the piece of mind that comes with knowing all of your possessions under your condo’s roof are insured?
• “If the landlord or owner is protected than so am I.” Not true. As stated above, most landlords and condo owners do insure their buildings but that does not necessarily cover your personal belongings. Taking out condo rental insurance will take care of that.
• “I don’t own that many expensive things so renter’s insurance isn’t worth it for me.” You would be surprised to learn how expensive and personally straining it is to replace everything you have in your condo. In the unfortunate case of a natural disaster or break-in, replacing your things can be financially as well as emotionally draining.

Condo Rental Insurance is a Worthwhile Expenditure

Whether you are currently renting or plan on renting a condo, it is important to understand that although your renter is insured, that does not necessarily mean that your personal possessions are covered. In the case of an unfortunate event, it is crucial that you are personally covered by condo rental insurance to ensure you can replace the items that matter most in your life. Start comparing quotes today by using our simple quote form to compare 5 quotes.

Published: Wednesday 15th July 2009