Who insures a rented condo?

Here’s a question worth asking: Who insures a rented condo?

If you’re buying a condo in Missouri, you should give Luebbering Insurance Agency, LLC in Jefferson City, MO a call and speak to an agent about coverage options. If you’re only renting the unit, then things can get a little more complicated. Here’s what you need to know.

Renters Don’t Need To Pay To Insure The Property

If you’re just renting a place, then the owner is expected to provide the basic insurance coverage for the building itself. In some scenarios, a special arrangement may be made that works otherwise, but that’s not common. If the building burns down, that’s not the renter’s problem beyond the fact that they need to find a new place. It’s the owner who pays the repair costs out of pocket if they’re uninsured, so they buy the insurance.

You May Still Require Renter’s Insurance

If you don’t own the building, you don’t have to insure it yourself. But what about your property inside the building? That’s not the landlord’s, and that means that it’s your responsibility to insure it. If there’s a fire or a burglary, then it’s your responsibility to replace anything that you lost, so it’s your responsibility to get it covered. In some instances, your landlord’s liability policy or other coverage may help you out, but it’s unwise to rely solely on someone else’s insurance policy for your property.

Whether you’re renting or buying, it’s not a bad idea to give Luebbering Insurance Agency, LLC a call to go over your options in Jefferson City, MO. Even if you’re just renting, you may want additional coverage.