Functionally speaking, condo insurance and renters insurance are basically the same thing. The difference is in what they cover. Condo insurance covers your condo, renters insurance covers an apartment or a rented room or other dwellings. Simple as that.
In both instances, all you’re really covering is what’s inside the domicile, your possessions. Your landlord or condo association covers the building itself, and everything on the outside of the building. Most condo associations will have you buy insurance on the building itself through them, or your insurance will be covered by your membership payments, while your condo insurance is usually up to you to shop around for.
There are really no fundamental differences between condo insurance and renters insurance, however, you are far more likely to be required to buy condo insurance than renters insurance. Most landlords will not require you to buy any sort of insurance. Their policy covers the building, and beyond that, you’re on your own. However, many condo associations will require that you carry some form of condo insurance.
Like home insurance, it’s not something that is legally mandated. If you don’t have a condo association or landlord telling you to buy condo insurance or renters insurance, then it is completely at your discretion. But, it is a wise investment.
If you are currently shopping around for insurance for your Mesa, AZ condo, get in touch with INW Insurance Group to see what they can do for you. Remember, the insurance that you hold through your Mesa, AZ condo association only covers the building and property itself. If you want to protect your possessions, call or message INW Insurance Group and get covered.