Which Policy Do I Need?

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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: Feb 23, 2012

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Insurance Question from Arcadia Lakes, SC

Asked on 02/23/2012

Which Policy Do I Need? My daughter lives in a condo which is in my name. She has renter's insurance for her personal belongings. What type of policy do I need?

Answer given on February 24, 2012

Since you own the condo, butit is rented out, you need a rental condominium policy. This policy will cover your interest in the building (which is generally bare walls in) as well as liability coverage. If you have any personal property in the unit, such as a washer/dryer and a refrigerator, you can add personal property insurance. Talk to your agent or broker about how much building coverage you need, so you are properly insured in the event of a major loss. The CC&Rs (Conditions, covenants and restrictions) indicate who is responsible for what part of the unit. Do NOT rely on the policy for the Association as to what is covered. The CC&Rs indicate who has an insurable interest in what part, not the insurance policy.Since the tenant is your daughter, you may be able to insure the condo as owner occupied and it would cover you and your daughter for building and personal property. Check with your insurance company to see if they will allow this. If they do, the costs should be reduced.

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