Condo Insurance: is it necessary?
Hello,
I recently put in an offer for a condo that I plan to rent out to tenants (I will not live there), and would like to know if I need to purchase condo HO6 insurance since the HOA provides an "all-in" master policy?
- HO6 INSURANCE: if the HOA offers "all-in" insurance, then I would only need to insure my personal belongings. And since I will not be living in the condo, then I won't have any personal belongings to insure. So does this mean I do not have to purchase condo HO6 insurance? IOW, can the tenants just get renter's insurance to cover their personal belongings?
- INJURY: What about if a tenant or tenant's guest is injured inside the condo? Whose insurance covers that situation (i.e. the HOA's "all-in" insurance, the renter's insurance , or would I need to get insured for that)?
- FLOOD INSURANCE: I spoke with the HOA office, and they said that the building was recently included in a flood zone. The HOA currently does not have flood insurance since they are still figuring out how to deal with this recently added cost - so it seems like I might have to buy flood insurance for my individual condo (i.e. if my mortgage lender requires it). That said, my condo is on the 2nd floor of the building - do I still need to get flood insurance for my individual unit (what's the point, if the rest of the building is not insured for this)?
What do you think?