Renters and condo insurance in the Hudson Valley

Renters insurance (sometimes called an HO-4 policy) protects tenants. No New York law requires it, but many landlords make it a condition of the lease.

What it covers:

• Personal property: your belongings, against fire, smoke, theft, vandalism and certain water damage, at home or away.
• Personal liability: if you're responsible for injuring someone or damaging their property, including the landlord's.
• Loss of use: extra costs for a hotel or temporary rental if a covered loss makes your apartment unlivable.
• Medical payments to others: smaller medical bills for guests hurt in your home.

Condo insurance (sometimes called an HO-6 policy) protects unit owners. Your condo association's master policy covers the building and common areas, but what it covers inside your unit varies by association.

What it covers:

• Your unit: interior walls, floors, fixtures, cabinets and improvements you've made, to the extent the master policy doesn't.
• Personal property and liability, like a renters policy.
• Loss assessment: your share of a special assessment if the association's losses exceed its master policy, such as a large deductible.
• Loss of use while your unit is repaired.

Ask your association for the master policy's declarations and bylaws. We'll review them to see where its coverage ends and yours should begin.

• Flood, which needs a separate policy.
• Sewer or drain backup, unless you add an endorsement.
• Valuables over sub-limits, such as jewelry or collectibles, unless you schedule them.
• Your roommate's belongings, unless they're named on the policy.

Choose replacement cost coverage for your belongings when you can. Actual cash value pays what your items are worth after depreciation; replacement cost pays what it costs to buy new ones.

We compare renters and condo policies across carriers and look for savings, especially by bundling with your auto policy, which often makes the renters or condo policy cost very little.