What type of insurance do I need for a condo I will rent?

[Brian DePamphilis]

Hi All,

I am new to real estate investing... about to close on my first rental - a small 1-bedroom condo in Lowell, MA. Having some trouble figuring out what type of policy I will need. From what I can tell from the condo docs, the master policy covers casualty and physical damage to buildings, public liability insurance, workman's comp, fidelity bonds, etc. I have a "Landlord Condo Insurance Quote" through Geico who I use for my primary residence that covers Dwelling, Household Furnishings, Loss of Use, Personal Liability (up to $500k), Medical Payments, Replacement Cost Household Furnishings, Building Ordinance or Law Coverage, Limited Fungi or Other Microbes Liability & Remediation. 

Am I missing something? Note I am not taking ownership in an LLC, but under my name

Thanks in advance. As mentioned I am new to this and I am have been a bit confused trying to determine all the differences between homeowners, landlords, umbrella policies, etc. Just want to make sure I am set up for success. 

[Daniel Kim]

The "Landlord Condo Insurance" sounds like what I have for my condo rentals. The HOA master covers the outside (roof, walkways, etc.) and the landlord policy covers the inside (drywall, cabinets, appliances, etc.). It's a good idea to require renters to have a renter insurance policy (it's not that much a month) because they will be in shock if something major happens and they expect the landlord to replace their personal belongings.