If you’re in the market for a condo or an apartments for rent, you’re likely wondering about the differences between condo insurance and renters insurance. It’s important to choose the right policy to cover your living arrangement, so assessing the benefits of each type is essential. The guide below explores the most important aspects to consider.

What Is Renters Insurance?

Renter’s insurance offers the renter a specific amount of coverage on personal property, liability, and other factors. Should your property in apartments for rent be stolen or destroyed in a fire, you can be compensated for a previously determined amount of money. Before starting the policy, you will need to provide proof of the value of your belongings to be covered. Saving receipts or taking photos of the items you own is a smart way to document their condition. Should your apartment ever become temporarily unlivable, renter’s insurance also covers “loss of use” which allows for hotel expenses or other alternative housing. If someone is injured inside your apartment or suffers damages of some sort, the renter’s policy will cover a certain amount of  liability and medical payments.

What Is Condo Insurance?

Condos are typically purchased just like a house, so you will own the unit, but the exterior building and common areas are collectively owned by everyone paying for a unit. The condo association controls the building and has a “master policy” while each unit owner must purchase coverage for their individual unit. Condo insurance policies cover the interior, but not the exterior of the property. It should include everything inside your home, including the drywall, lighting fixtures, carpeting, and personal property, liability, medical payments, and loss of use expenses.

What Is the Difference?

Determining what type of policy you need depends on whether you have purchased the property or whether you have signed a rental agreement. If you’re looking at condos for rent, that means you’ll be renting a unit from the condo owner and they will be responsible for purchasing the appropriate insurance. You will need to get rental insurance on the condo if you do not own the property.

When you need assistance finding condos or apartments for rent, contact the commercial building team at Traditional Trades in La Crosse County, WI. They specialize in a wide range of housing construction and rental services. To find out more about luxury apartments for rent, call the construction company at (608) 783-4785 or contact them online.