Do I need renter’s insurance for a condo, or house that I am renting?

Selecting the right type of insurance coverage for your situation is an important part of avoiding financial complications in the future. Depending on your goals, concerns and current place of residence, a rental policy in Arlington, Texas may be an appropriate solution.

Renting a Property

If you are renting a house, coop or condo, then you can benefit from rental insurance. The policy is designed to protect your personal belongings in case a fire or similar situation occurs. It can also protect you from liability concerns if a guest is injured while visiting your rental space.

Renting a property means that you are not responsible for the structure of the building. You are only responsible for your personal items and liability, which is why the insurance policy is designed to address those particular concerns. You may also purchase additional protection if you are worried about expenses that are related to damages to the property, such as staying in a hotel.

Buying a Property

When you purchase a house, condo or coop, the appropriate type of insurance is not usually a renter’s policy. A homeowner’s plan is usually better for your needs because it provides additional protection for the structure of your property.

Owning a property means that you have a much higher level of responsibility to the structure and items in the building. The renter’s policy may not be an appropriate solution after you decide to buy.

Depending on your situation and your concerns, it may or may not be useful to purchase a renter’s coverage plan. In some cases, the plan is a good solution to protect your personal belongings. Contact Strack Insurance Services to speak to an independent agent and learn more about your options.