If I Rent A Condo Do I Need Renters Insurance In Bowie, MD?

Condo insurance is something of a mystery to many people, because it has many more moving parts than insuring an apartment or a single family home.  The association covers some things, the condo owner’s policy covers others, and they work together closely.  But what if you’re renting that condo? How do you know you’re protected? If you rent a condo, can you get renters insurance in Bowie?  Do you need renters insurance for a rented condo?  Effective Coverage has your answers!

First things first: If you rent in Bowie, you need Bowie Renters Insurance.  There are no two ways about it.  You’re not protected by any of the coverage that applies to the condo because you don’t own it and those policies are not your policies.  You need renters insurance in Bowie to protect your personal property, preferably at replacement cost.  You also need the liability coverage, so that a loss doesn’t impact your future.

But what about all of those other policies that apply to a condo?  Don’t they provide some protection for the resident?

In a word, no.

In two words, absolutely not.

The condo owner’s policy protects their liability and what’s called betterments and improvements.  That’s things like the sheetrock, often plumbing fixtures, carpet, things they’ve improved from the austere concrete box that the condo association would hand back to them if there were a loss.  The condo policy also provides protection for the personal property of the owner, such as a washer and dryer that they leave in the unit.  Nowhere in there is there any coverage for your stuff.

What about the association’s policy?  Does it protect you?  Also no.  The association is likely to have liability coverage for the building and for common areas.  You’re not a member of the association, and you don’t own the unit, so no coverage there for you.  They’re also going to have a policy that will rebuild the building to a basic level if there’s a loss.  Often, that would include bare walls or studs, stubbed out plumbing, often without fixtures, and generally the bare level of what the owner could add betterments and improvements to.  That doesn’t offer any protection for you.

Because you’re not protected at all, you need renters insurance in Bowie.  Remember all of that stuff that you moved in and how heavy it was?  Instead of thinking of it in pounds, think of it in the dollars it would cost to replace it all if there was a fire.  Think of the cost of replacing it if there’s a burst pipe.  Think about how much money you’d be responsible for to other owners, your landlord, and the association if that burst pipe were your fault because you went away on vacation and there was a cold snap.

All of those risks are things that renters insurance protects you against, and policies in Maryland are quite affordable.  They generally start at about fifteen dollars a month, so if you can afford to rent a condo you can afford to buy renters insurance.  It’s also easy to get.  Three minutes on the phone or sixty seconds online can get you covered.  Just call (800)892-4308 or click to get covered - whether you need Bowie renters insurance quotes online or coverage anywhere else!

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Photo Credit: Keoni Cabral CC2