Do I Need To Get Insurance If I’m Renting A Condo?

If you’re renting a condo, the answer to this question is yes – you do need insurance. Although your landlord may have insurance that covers the property, this does not mean that your belongings are protected.

If something happens to your home or possessions while you’re renting, you’ll be responsible for the costs yourself if you don’t have insurance. Here we discuss why it’s important to get insurance when renting a condo and how it can protect you in an emergency.

What’s Condo Insurance?

Condo insurance is a unique type of homeowners insurance specifically designed for condominium owners. Unlike traditional homeowners insurance, condo insurance covers the interior of your unit as well as any common areas owned by the condominium association. Condo insurance also provides liability coverage in the event that someone is injured while in your unit.

Why Do I Need Condo Insurance if I am Renting?

You may think that your landlord’s insurance will cover any damages to your belongings or the unit itself, but this is not always the case.

Even if you’re renting, it’s important to have your own condo insurance policy in place. This type of insurance can help to protect your personal belongings in the event of a fire, theft, or other covered peril.

Condo insurance can also provide coverage if you accidentally damage someone else’s property while living in the unit. If you do not have your own policy, you could be held responsible for paying for the repairs out of your pocket. This makes it essential to get a policy from a professional company such as Ellis Insurance Agency in San Antonio, TX.

Get Coverage For Your Condo

It’s important to get insurance when renting a condo. Condo insurance can protect your belongings in the event of damage or theft, and it can also provide liability coverage in case someone is injured while on your property. Now that you know how much you need a condo insurance policy, Ellis Insurance Agency in San Antonio, TX can help you find the right coverage for your needs. Give us a call today to learn more.

What Is Covered By Your Condo HOA’s Insurance?

Condo owners have the luxury of having the outside of their home and community areas covered under their condo association’s insurance policy. However, not everything in a condo community is covered by the master HOA insurance plan. As a condo owner in San Antonio, TX, you need to purchase additional insurance to cover things your condo association does not cover. 

So what exactly does my condo association’s master insurance policy cover? Would you please continue reading to learn more and then call our agents at Ellis Insurance Agency to discuss your condo insurance coverage options? 

Condo Insurance vs. Condo Association Insurance

Your condo insurance covers your needs and what directly impacts you as an owner of a condo unit. The condo association insurance typically covers all common areas of the building and property and some protection of the interior structure, depending on their policy and building design. 

What is Covered by Your Condo’s Master Insurance Policy? 

Regardless of the policy your condo association carries, you can expect most HOA’s insurance to cover the following: 

  • The exterior of the condominium building
  • Common areas, including exercise rooms, swimming pools, lobbies, outdoor pavilions, etc. 
  • The land around the building

What is Not Covered by Your Condo Association’s Master Insurance Policy? 

When purchasing your condo insurance, check with your HOA to learn more about the condo association’s level of structural insurance protection. In most cases, the master insurance policy protects the outside walls up to the inside border of your unit. Additionally, your condo association’s master insurance policy does not cover your personal belongings, anything damaged inside your unit and does not protect you against liability claims in your unit. 

With questions about their condo association’s master insurance policy, condo owners in San Antonio, TX, should reach out to the experts at Ellis Insurance Agency for assistance.