What If I Live in an Apartment or Condominium?
If you own a condominium, the condominium association may pay for the insurance protection on your building, as well as liability protection if anyone is injured in common areas. Coverage will vary depending upon specific condominium rules and regulations. Some condominiums associations, for example, may insure only the shell of the building—leaving the insurance on all interior elements (e.g., drywall, bathroom fixtures) up to the individual owner. You may also need to buy your own, or additional, liability insurance. Read your association’s policy carefully to determine if you are adequately covered, then purchase additional protection if necessary.

If you rent an apartment or house, the owner’s property and the owner’s liability are covered by his or her insurance, but your property and liability are not. You may be held liable, as well, for damages to the owner’s property done by you. You can purchase liability insurance as well as insurance for your personal property with a renter’s policy.

What If I Rent Property to Others?
You should have a separate policy for dwellings you rent to others. Insurance will protect the rental property as well as any of your personal belongings. Your tenants’ personal property is not protected. You also need business liability and medical coverage for anyone who might get hurt on your property as a result of your property or action. Ask your insurance agent for details.