Renters & Condo Insurance

Renter's Insurance

What is Renter's Insurance?

Renter's insurance provides low-cost coverage for your personal belongings. Your landlord’s policy covers the building and grounds, but will not reimburse you for the costs of your personal items in the event of a loss. In the unfortunate event that your personal belongings and valuables are destroyed in a building fire or stolen by a thief, you need to have a renters insurance policy in place to cover your losses.

Is Renter's Insurance Necessary?

Renter's insurance is not mandatory in any state but sometimes landloards require tenants to purchase renter's insurance. Generally renter's insurance is quite affordable and offers peace of mind knowing your personal belongings are covered in the event of a loss or theft.  Also, renter's insurance will typically cover your belongings if they are stolen from your car (but would not cover damage to the car itself).  

Condo Insurance

What is Condo Insurance?

Owning or renting a condo comes with its own unique insurance needs.  While your condo association will have a master policy in place that covers damages to the structure of the building and to the common areas, don't wrongly assume this coverage extends to you. When you own a condominium, you are responsible for covering any and all damages within your unit, often including interior walls, flooring and ceilings.

What Does Condo Insurance Cover?

Condo Policies help protect you, your personal property and the interior of your condo.  It can also cover you to some extent against liability claims if for example, a guest is injured while in your home and you are held liable. While articles of the condominium association and the state law determine exactly what may or may not be covered under your association's master policy, in most instances, the association's coverage ends after the exterior walls of your condo.  Purchasing the right condo policy will cover you for losses beyond the association's plan. Be sure to contact an agent at CRI today to understand your condo policy limits and coverages.

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