Renters Insurance acts similar to homeowners insurance for a person that is renting or subletting. It protects property of a renter and his or her possessions within the dwelling, as well as providing personal liability coverage. It does not include coverage for the dwelling or structure of the property, however.
Condominium insurance is designed for the owner occupant of a condo and mirrors a homeowner’s policy. It provides coverage for the interior walls, fixtures, and personal property inside a condo and also includes personal liability coverage. Typically a condo development is managed by a homeowner’s association that collects monthly dues, maintains operations and enforces policies. A condo policy can also provide coverage for property that is deemed the insured’s responsibility under the association property owner’s agreement.