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RENTERS & CONDOMINIUM COVERAGE

Specific Coverage that addresses the Requirements with an Economical Solution

Renters & Condo
Coverage

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When you do not own your building, you may assume that the landlord’s policy or the condominium association policy covers your interests. This is not true and can lead to significant exposure to loss from a property claim or a liability claim arising from activities in your home.

Traditional homeowners’ insurance does not apply to renters and condominium owners. The different relationship to the building requires a specific form that will address your needs and be the most economical solution for you.

 

Renter or Tenant Insurance Form HO-4 Contents Form

This form is a variation on a standard homeowner’s form, but it does not offer any coverage for the building. It covers your personal property as contents of your residence. Coverage is granted for your property anywhere in the world, so off premises storage units are covered in this policy. There is a limitation on property away from the named premises, 10% of your content limit or $1,000 whichever is greater.

 

Like most homeowners’ policies there are sublimits for a number of property types. You may need to declare higher limits if the form offered is not sufficient for your needs.
 

These include:

  • Cash, bank notes, and bullion. 

  • Securities, and personal records

  • Watercraft

  • Trailers

  • Jewelry, watches, furs, and precious and semi-precious stones

  • Firearms and related equipment

  • Silverware

  • Business property

  • Electronic equipment

There is a small loss assessment limit provided. In most rental situations, this is not critical coverage.

The Contents form also offers general liability coverage and medical payments coverage to answer claims related to on-site activities at your home. Check the rental agreement you signed to see if a specific limit of liability insurance is required and if there is a need to name the landlord as an additional insured. 

 

Condominium Owners Form – HO 6

 

For Condominium Owners there is a specific form that offers the opportunity to declare building coverage for the improvements and betterments you have made to your condominium. The limit you choose should reflect the interior finishes of your unit as well as the terms of the master deed or association agreement as to the liability of the condominium owner’s association. We can help review these documents to assist you in selecting the limit required for this coverage.

 

Contents coverage is for your personal property. The same type of sublimit mentioned above are present in the HO 6 form. You need to know the details of the form being used to evaluate if these limits are adequate for your needs.

 

The loss assessment coverage is to cover an assessment made against you from the condominium association following a loss to allow the association to recoup deductible or expenses that were not covered by the association master policy. Depending on the deductible carried by the association, this can be a significant assessment. A review of the association insurance program may reveal high deductibles around water damage, wind and hail and other roof and siding related perils. The cost to increase loss assessment coverage is small and you should ask the right questions to assess the limit that is appropriate for your situation. We can help with this process. Contact us today.

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