"Why do I need a renter's (or condo) policy?"

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Renters Insurance / Condominium Unit Owner Insurance

May people question if they need to purchase this valuable coverage, or question why they should.  Why purchase the insurance?  Below are some simple examples of why, subject to policy terms, conditions, and limitations:

Condominium Unit Owners

Many Condominium Associations require unit owners to carry Property & Liability Coverage on their unit. 

Condominium Association Master Policies do not cover unit owner “personal belongings” nor provide liability for the unit owner for losses within the unit.     


Some Rental leases require the renter to carry Property & Liability Coverage.

Landlords/Building owners do not cover the renters “personal belongings” nor provide liability for the renter.

Both Condominium Unit Owners AND Renters

Why Purchase?  Catastrophic losses occur.  As recent as April 2012, a major fire in Marlborough MA displaced thirty families and they unfortunately lost the majority of their belongings. 

You have taken precautions to always protect your belongings, however you do not have control of others.   Aside from the catastrophic loss within your own unit, a claim could occur as a result of a neighbor or adjoining property.  For instance, a neighboring unit or building has a fire causing you to move from your premises.  Who is responsible for paying for a hotel or relocation?  What if the damage is so extensive that you must move from the premises for months?  What about the monthly mortgage payment?

Another example is your upstairs neighbor has leak in their shower.  The damage to the ceiling may be covered by the Master Policy or landlords insurance, but if the water was extensive and caused damage to your Television, Computer, there may not be any recourse. 

Insurance coverage for Condominium Unit Owners (referred to as HO-6 policies) and Renters (referred to as HO-4 policies) are written to provide various types of insurance coverage and protection for different claim scenarios.

It is important to discuss the coverage with a Deland, Gibson representative to ensure proper coverage.  Not all policies are the same, and coverage is subject to the respective insurance policy’s terms, conditions, limitation, and exclusions.  Policies limit certain property coverage, such as but no limited to: Jewelry, Fine Arts, Camera, Money/Currency. 

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