For landlords–it is imperative that you have a landlord insurance policy regardless of whether you have a house or condo. Many condo owners believe that they are covered by the homeowner association insurance policy. While many associations do have structural policies, they typically do not cover the needs of the homeowner.
For tenants–let’s say that a pipe breaks and floods the home while you are at work….you get home to six inches of water. Guess what? The homeowner’s policy typically will not cover a single penny of your personal property. In addition, the landlord is only responsible for providing the daily pro rated rent credit to you which is usually not enough for a hotel room. With insurance you are likely to be well taken care of and the cost is very reasonable.
Whether you are a homeowner or tenant, check with your insurance agent to make sure that you are covered…and if you already have a policy, ask them to do a review to make sure that the coverages are up to date.