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?

I was an insurance agent. Renters will cover your personal property(everything you would take with you if you were to move) and liability/medical insurance(if your dog bits someone), loss of use(hotel stays (up to specific amount) if you should become misplaced. Condo ins covers all this plus "dwelling" coverage-which covers the portion of your condo that the association doesn't(ex- Wall to wall carpeting or the walls between your rooms, or the plaster o your walls) most condos only cover maybe some sheet rock out, nothing inside you are responsible for carpets/cabinets,bathroom sink. both are subject to a policy deductible, and don't forget if you have valuable items you maybe want to insure them seperate on the policy.

talk to your attorney and insurance rep.

I live in CA and own a rental condo. We recommend that our renters purchase rental insurance, but don't require it. They are responsible for damages which is why we ask for a one month security deposit.