The condominium association normally has insurance coverage for the building, as well as its common walls and grounds. As a condominium unit owner, you will want to consider coverage for the interior or “bare walls” of your unit and, just like a homeowner, for your personal property. You are also responsible for any bodily injury to others that might occur on your property. There is a special form of coverage for condominium owners that is very similar to a homeowners policy that will meet these needs.

Renters have only the concern for their personal property and, of course, for any liability for bodily injury from people who may be visiting them. Owners of the rental property are responsible for insuring the building and having their own coverage for liability. There also is a special form of coverage for renters that provides protection for personal property. Renters should seriously consider purchasing this coverage, as it includes coverage for liability and the additional living expenses that are provided by the loss of use coverage, should your rental unit be damaged to the point you can no longer stay there.

When I go away to school do I need renters insurance for my personal property?

Maybe not. Normally, homeowners policies have a limit on the amount of coverage provided for personal property usually located somewhere other than the insured home. Some homeowners policies do not apply this limit to a student’s temporary residence. So, it depends on how much stuff you take with you to school or whether your insurance company makes this exception. Check with your agent or insurance company representative to be certain.