Q. What is the difference between condo and tenants insurance?
A. Unlike condo insurance, tenants (or renters) insurance does not cover any damage to the interior of the unit. It only provides coverage for your personal liability and your belongings stored within the unit.
Q. My friend has been renting an apartment for years without insurance…do I really need it?
Just because there isn’t a mortgage company requesting proof of coverage, doesn’t mean it isn’t a good idea. Not only does tenants insurance cover your contents in the event of a claim, but it also provides insurance history for when you go to buy your first home, and discounts when you bundle it with your car insurance.