Insurance on Condo Rentals

I have recently begun renting a condo. The condo board has insurance to cover all of the exterior; however, we have been asked to purchase insurance for the interior in the event that a pipe was to burst and damage was caused to our neighbour downstairs because we would then be responsible.

Isn't this insurance the owner's responsibility to purchase? As tenant, shouldn't I just purchase contents insurance?

Answer:

Ah, the joys of condos. Unfortunately, insurance for condos is a very murky area and I suspect that the condo association is attempting to ensure that you have enough coverage so that there isn't a possible problem down the line. However, with condo insurance, it seems like there are many interpretations of whose insurance should pay, as well as many instances where condo owners or tenants can be left in the lurch by their insurance coverage.

As a previous board member in a condo association, I can attest to the amount of challenge figuring out who's insurance should pay for what when damage occurs.

Having said that, I don't think it can do any harm if you have a renter's insurance policy that will cover your contents and give you some liability coverage. Any coverage beyond that would normally be the owner's responsibility, but you might want to check with your insurance company and find out what is recommended for your insurance coverage in your circumstances.

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