If you are looking to rent a condo, you may ask yourself if you can purchase condo insurance as a renter, or if this is something only the condo owner can purchase. Here at Commonwealth Insurance Center, serving the greater Richmond, VA area, we want to ensure that our clientele can purchase the right type of insurance for their needs. Here is what you need to know about condo insurance and being a renter.
What is Condo Insurance
Condo insurance is similar to homeowner’s insurance. However, whereas a homeowners insurance policy covers the exterior of the home and common places, condo insurance does not. It only covers the walls and space that make up the portion of the condo that a condo owner owns. The condo building owner is required to carry their own insurance for the exterior of the building and commonplaces, such as hallways and pools. As a renter, you cannot obtain condo insurance. This type of insurance is designed to be purchased by the person who owns the unit.
What Types of Insurance Renters Need
While you cannot purchase condo insurance as a renter, you may still be looking to insure your belongings against fire, flood, or theft. In this case, you will want to purchase a standard renters insurance policy. This type of policy covers renters who live in any type of dwelling, including homes, apartments, and condo buildings. An insurance agent can help you determine how much renters insurance you should carry based on the value of your belongings.
If you own a condo and are looking to purchase condo insurance, or if you have signed a lease to rent a condo and are looking to buy renters insurance, Commonwealth Insurance Center, serving the greater Richmond, VA area is here to help. Contact us today to get started.