Most people will not live in a detached home in their lifetime. Even more people will not be able to buy a detached home until long after they have moved out on their own. For apartment and condominium dwellers, residential insurance is a very different matter than it is for regular detached home owners. While the implications for mortgages and bank loans may still be present for condo buyers, apartment dwellers and renters must also be concerned with their degree of insurance coverage in cases of unexpected damage to personal property. In all shared properties such as condos, apartments and town house complexes, the resident must protect himself or herself against losses accruing from damage not only to the interior living space, but to the shared portion of the structure and property as well. In the United States, there are several common property insurance policies that are written and purchased for apartment and condo dwellers. Obviously, there is a substantial difference between the insurance policy for a renter of a apartment and the owner of a condo.
Renter’s insurance, also known as an HO-4 insurance policy, covers any aspects of the property and living area and the contents, that are not covered in the blanket policy commonly held by the owner of the building. Often the types of losses and damages not included in the blanket policy include liability for accidents and injuries to visitors or guests. Also, damage types that might need to be covered range from the common to the unlikely, such as smoke, windstorm, hail, falling objects, vandalism, plan crash, snow, sleet, ice, riots, and lighting. The type of damage covered by renter’s insurance varies widely depending on the nature of the residence to be insured. Apartments in tall buildings in the downtown core of major cities have very different insurance factors than do townhouse family living complexes located in suburban residential towns. In addition, a dwelling fire policy is often available for residents of rented houses, covering property damage to the structure, and sometimes to the owner's personal property (such as appliances and furnishings).
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More alike to homeowner's insurance than apartment insurance, the HO-6 policy, also known as condominium insurance, is designed specifically for the owners of condos. It includes coverage for the portions of the building owned by the insured and for the property found there in. These policies cover all the losses and damages that are not included in the blanket policy written for an entire building or neighborhood, and those items of importance to the insured. Typically, the HO-6 covers liability for residents and guests of the insured in addition to personal property.
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