What’s the difference between condo and renters insurance?
Thanks!
Thanks so far but I was told I needed renters insurance b/c of our tenant. We own a condo and rent it out. Is this true?
Renter’s insurance only covers your personal belongings inside the home, whether it’s a condo, house, or apartment. It doesn’t cover the structure itself. So if you buy a condo and only have renter’s insurance, if the building catches on fire and burns to the ground your personal stuff is covered but they don’t pay to rebuild the building itself.
If you are buying a condo and the HOA fees include insurance, it means they will pay to rebuild the building if it burns down but NOT cover your personal belongings.
Does that make sense?
Categories: condo insurance Tags: Apartment, Burns, Buy Condo, Buying A Condo, condo insurance, Condo Rent, Hoa, insurance, Personal Belongings, Personal Stuff, Renter Insurance, Renter S Insurance, Renters Insurance
About how much would property insurance be on a new condo?
I am looking to buy a brand new condo in Jacksonville, Florida for about $138,900. How much would my property insurance be? I know a lot of factors determine the price, but a rough estimate would be nice. Also if anyone knows how to calculate this, that would be greatly appreciated. Thank You
The property insurance (OUTSIDE) for a condo is covered in your Home Owners Association. If you want to get insurance to cover your personal property (inside) you get insurance for your belongings which would be very inexpensive, maybe $2-300 per year. It’s the equivalent of renters insurance.