Other Types of Homeowners Policies

Tenant’s Policies

If you are renting an apartment or home, your landlord’s property insurance policy does not cover your furniture of other personal property, not will it protect you if you are sued. The owner of the dwelling you rent is responsible for insuring the structure and obtaining liability coverage to cover the owner’s acts of negligence. However, you will need to insure your personal property by purchasing a tenant’s policy. A tenant’s policy provides coverage similar to that described under the personal property, loss of use, medical payments and personal liability coverages of the homeowners policy.

Condominium Owner’s Policies

Your condominium association should purchase an insurance policy to cover property damage for the building and all common areas and coverage for liability associated with common areas.   The condominium association policy does not provide coverage for the personal property of the individual unit owners nor for the building structure inside each dwelling unit that is not owned by the association. As individual unit owner, you will need to insure your own personal property and ownership interest in your own unit by purchasing a condominium owner’s policy. A condominium owner’s policy provides coverage similar to that described under the personal property, loss of use, medical payments and personal liability coverages of the homeowners policy. In addition, the condominium owner’s policy provides limited dwelling coverage for the parts of the individual dwelling unit that are owned by the condominium owner.