insurance for condo

[Ryan Pal]

hey gang, my ira owns a condo which is going to be rented in 1 week.  my lease says the renter needs to have renters insurance, however, do i need to get insurance as well?  if so, what type of insurance should suffice?

thanks,

ryan

[Jason Bott]

@Ryan Pal You may want to have a policy in place that covers "Improvements and Betterments" as well as Liability. 

Improvements and Betterments covers the interior finishes that are not part of the condo associations building.  If there is a fire, they will rebuild the building, but you would need to put the kitchen, bath, carpet, etc back into place.

General Liability covers you against slip and fall types of lawsuits.

Both coverage's will probably cost you $150-$250 per year for both.

You should try to add this one unit to your personal auto and home owners policy.  If you do not have a homeowners package, you can get a commercial policy.