Condo insurance, HOA vs. Renters.

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: May 28, 2013

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Insurance Question from Seattle, WA

Asked on 05/28/2013

Condo insurance, HOA vs. Renters. Hello,My condo's HOA insurance deductible has increased from $10k to $25k. The HOA insurance covers the basics of my unit. I will be moving out soon, moving to a different city, and will be renting out the condo. With the executed lease, the renters are required to carry renter's insurance that includes personal liability coverage with a minimum of $100k for the duration of the lease term. My question is if simply increasing my homeowner's insurance amount would suffice (covering more than the $25K HOA deductible) or do you recommend that I as lessor should obtain renter's insurance?Thanks

Answer given on June 17, 2013

If you own a condo, the HOA is responsible to insure the areas specified in the Conditions, Covenants & Restrictions (CC&Rs). Usually this includes the common areas as well as a specified portion of the units. In many ways that would be the bare walls of your unit. You, as a unit owner, are responsible for the bare walls in. This includes paint, cabinets, fixtures in the kitchen & bath and more. You should purchase insurance on your rental unit for the areas that are your responsibility. You can talk to your insurance agent about this coverage. You should purchase enough coverage to replace all of the areas that you are responsible for. There is really no coverage to pick up the deductible that the association has selected. However, you can purchase coverage if you are assessed to help cover the deductible. Discuss this again with your insurance agent.

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