Is renters insurance for people renting a place or for the lanlord who rents out their place?

Question

I'm a bit confused. I was told when I refinanced my condo that I need renters insurance for my condo. We rent out our apartment to tenants. I've been doing some research and only see info on renters insurance for the tenant. I have condo insurance also. Thanks.

Answer 1

renter's ins. is for people renting the unit,not for the landlord.The renter's ins. is for the tenant and the condo ins. is for you.

Answer 2

Renters Insurance can be for renters or landlords. Basically, there are two kinds. There is the kind that a renter would buy which protects all of the belongings inside the house. For example, televisions, vcrs, jewelry, etc. Renters Insurance for landlords covers damage renters might cause. An example would be water damage from letting the toilet overflow, or carpet that was burned when they dropped candles. In a lot of cases, it also insures you as the landlord should the person get hurt on your property and try to sue you for it.

Condo insurance is completely different. It usually only covers the outside building and landscaping should your unit catch on fire. However, it does not cover replacing kitchen cabinets, bathroom fixtures, or appliances.

One more thing to consider is adding on a home warranty even though you are already out of escrow. It will cost you about $250-500 per year and covers plumbing, electrical, appliance and air conditioning repair...things not covered by renters/condo insurance. (Definitely call around and try to get this. When you do call, make sure you bargain with the sales rep. They will give it to you for $250, but only if you ask.)

Hope this helps.

Answer 3

Who told you that? The lender? The lender requires a copy of the master policy on a condo.

The condo has a master policy for the structure. You would need condo insurance for your possessions if you lived there. Renters insurance usually refers to the insurance a tenant gets for his possessions when in a rental situation.

You may need something to cover the interior walls and floors of your unit in case of fire. Your best bet is to contact an insurance agent and find out what might be available to cover you. There are things that could happen to your unit that aren't covered by the master policy. My sewer backed up about 3 weeks after we moved in...not covered by my condo insurance or the master policy. I lost a bunch of stuff I hadn't unpacked yet, probably didn't need it anyway. Now I have a rider -- very cheap -- for sewage.

Answer 4

When I've heard "renters' insurance" before, I've heard it applied to the tenant. I would think that whomever you have your insurance with, as the owner of the condo, would also have insurance covering any damage the tenant may inflict on your property, just like homeowners' insurance, except for the special condition of renting your property out. I'm sure your insurance company has the answers. God Bless you.

Answer 5

I have had renters' insurance for a lot of years now and mine has always been insurance on my belongings in the apartment or townhouse that I rent.

Answer 6

renters insurance is for the tenant. the tenant pays for it . It usually cost $12-$40/ month...

Answer 7

Renters insurance is for the contents........say there is a fire and you loose everything.................renters insurance gives you the money to restock(for lack of a better word) your possessions........
you shouldn't worry too much about the contents...............those renting from you should have that problem...it is their stuff............

Answer 8

You need insurance to cover the building itself, and your tenants need insurance to cover their personal posessions.

Answer 9

for the rent-eee

u can get it along with most auto policies., may even bring your rates down,, yes I would suggest getting it! the Landlord already has their own inusrance,, ,,which don't cover your as,its so ,,, YEs get it !