Investor · Great Neck, NY · Member since 2013 · 38 posts · 3 votes
I wanted to ask Bigger Pockets if as a condo apartment owner / landlord... needs to purchase landlord insurance or homeowners insurance. Landlord pays common charges to the building which has some coverage already.
Yes, you need to have your own insurance policy to cover the loss of personal property.
Majority of the time, the insurance that the HOA fee covers is only for the building and common areas of the condo such as, if the building is damaged in a fire or storm the HOA insurance would cover that. Read the HOA agreement so you know exactly what it covers.
As for your tenant, advice them to get a Renter's Insurance which covers the tenant's personal property.