Understanding how we spend our money wisely can help in a down economy. When we look at this question, the one thing that stands out first is that we are talking about renting. With renting we are not the exact owner of the property except the properties within the space such as all of those lovely material things you posses. With condos, in almost every case a condo’s property and its material possessions is an investment that can be returned as a positive asset in the long run. When we own a condo we must be aware that we not only protect our material assets, but the infrastructure of the condo itself.
Understanding the big difference of either owning or renting any property is already saving you money because in actuality when we rent property ,unless it is a rent to own, we are not getting a return for that money spent on the property. With condos this is the opposite where dollars spent could mean investment opportunity or even renting out in which that money puts extra cash in your pocket every month. So by knowing these small differences in language and knowing what insurance helps us the most then in return can help make wiser decisions with our properties.
With renter’s insurance you are protecting your assets inside your rented property. Or if you are the owner of the same property that is being rented out then your tenants should have the option to get renter’s insurance on top of any other utilities. Renter’s insurance can help replace many items in case of fire, theft or vandalism towards your material properties, it all depends on the type of insurer you get your renter’s insurance through. Renter’s Insurance is the last line of defense god forbid something happens to your possessions while you are renting the property. Owners already have insurance to protect themselves but that same renter of the rented property are supposed to offer renter insurance. If they do not, then that is why you should invest into some sort of renter’s insurance just in case the owner has not renewed or updated his or her policy.
With condo owner insurance we are talking about protecting not only your material possessions within the condo, but also the condo itself. In many cases condo associations will have some sort of property insurance for some of the walls floors window etc, but having a condo owners insurance policy, you will be covered for anything else that is not already covered by your condo association. What this means is if you own that said property or condo and say there is damaged property through a fire and you are left with a devastated condo along with everything inside having condo owner insurance well help you re gain your losses because you are covered under this type of insurance. Not only do you receive compensation for the material possessions, but also for the walls floors doors, windows etc, basically the whole condo.