Insuring a condo is cheap for the owner because they don’t own the building, just the interior. That makes it much cheaper than homeowners insurance. But with condo renters insurance, you’re not even insuring the interior, just your liability and your own personal property so it’s even more affordable!
How Much Does Condo Renters Insurance Cost?
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
Condo renters insurance is priced similarly to any other renters insurance. Often, you might get a discount because condos tend to be a bit safer. Most people own their own units, which gives them an incentive to keep the premises safe. Additionally, you’re only insuring the contents, not the walls, so it’s cheaper to buy condo renters insurance than condo insurance.
A better question to ask is what’s the cost of going without condo renters insurance? If you cause a fire, it won’t just be the landlord and their insurance company who are coming after you. It will also be the association and their insurance company, along all of the neighbors and their insurance companies. You’ll want defense coverage, and condo renters insurance offers you that in addition to liability.
What Does Condo Renters Insurance Cover?
Liability on your condo renters insurance pays for the costs of bodily injury or property damage that you cause to someone else as a result of your negligence. People are forgetful and do things that they know or should know not to do because of the risk sometimes, and that results in causing a loss. An accidental kitchen fire is a perfect example. As alluded to above, liability coverage on condo renters insurance also offers you coverage for defense costs should a claim or suit be brought against you for the loss. That’s more important than you realize, considering the price of representation.
Condo renters insurance also covers your contents, or personal property, that are in the residence premises. That coverage protects those items against fire, theft, vandalism, and many other risks. Normally this coverage is replacement cost, so you’ll get the money you need to go buy a new item of like kind and quality to replace the one that suffered the loss. That prevents you from having to try to replace everything you own after a fire with the actual cash value of your used property. The latter number never approaches what it will cost to buy new things, so you want replacement cost.
Condo renters insurance includes loss of use coverage. If there’s a covered loss that keeps you from living in the residence premises for a period of time, you’ll have significant expenses in finding another place to stay short term or long term. Loss of use coverage is there to step in and help you, and to ensure that you have the protection you need.
Don’t forget about medical payments to others. It’s a no-fault coverage that makes a payment in good faith to resolve small injuries without admitting fault.
Can My Landlord Require Condo Renters Insurance?
Yes, your landlord can require condo renters insurance. As a matter of fact, most do because they’re required to require it. The condo association wants to know that if a tenant causes a loss, they’ll be able to make whole everyone else impacted by that loss. That’s why the association will often mandate that landlords require that their tenants have condo renters insurance. You may even have to show a copy to both the landlord and the association.
Fortunately, that’s easy when you buy Reno Renters Insurance from Effective Coverage. You’ll get instant proof of coverage and you can even add the landlord or the association as an interested party since they’re likely to require that you do just that.
Requiring condo renters insurance isn’t just another way for the landlord to get into your pocket. It’s a way to make sure that all of the people who have an interest in that building are protected. Renters are less invested in the condo building than owners, most of the time, so it makes sense to have that extra security. Besides, if something happens, everyone affected will have condo insurance, and those policies will all look to you for the money they paid out. Instead of having it come out of your pocket, your renters insurance can defend you and take care of those losses.
How Can I Get The Best Deal On Condo Renters Insurance?
That’s the easy part. By working with Effective Coverage, you know you’re getting the best price and the best coverage. Backed by highly rated underwriters, these policies offer broad coverage at an affordable price. You’ll always have an expert you can call with questions, as well.
Your friendly renters insurance expert is there to help ensure that all of your questions are answered, and to make sure you’re comfortable with how the policy fits into other insurance coverage that you might have. Since they’re on salary, and not on commission, you can be sure that they’ll be willing to take the time to give you the level of answers that you want.
Renting a condo is a different experience from renting an apartment, and often comes with a different set of rules and some unexpected surprises. Don’t let a loss be one of them! Get condo renters insurance from Effective Coverage and make sure you’re protected.
It’s the easiest and most affordable way to protect yourself, and the coverage follows you. If you’re traveling and something is stolen from your car, the policy can respond to that loss. If you’re traveling and you spill your morning coffee on someone else, your liability coverage is there at your side as well. There are more benefits to condo renters insurance than you’ll see at first glance, and it’s easy to get.
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
What's Your Insurance Language?
- Do You Need Renters Insurance ASAP? Check out the fastest way to buy renters insurance online and get covered in just 60 seconds!
- Do You Feel Like Talking About It? Just call Effective Coverage and a renters insurance expert can help you get great coverage in minutes.
- Do You Need Some Time Alone With Your Thoughts? We understand, which is why we created the Nevada Guide To Renters Insurance.
- Just Want To Watch A Movie Together? See our Video Nevada Renters Insurance Guide!
Photo Credit: Ben Freedman The Sage - Urban Condos CC BY 2.0