Homeowners Insurance covers your single most valuable piece of property, your home. It will protect your main structure, other structures on your property that are not attached to the home, personal property, loss of use, liability and medical payments to others.
Condominium and Co-Op Insurance will include many of the same coverages as a homeowner's policy. It will also cover additions and alterations, fixtures and installations within the perimeter walls, floor and ceiling of the unit. The main difference is that the condo owner is not responsible for the building, since the condo association will be responsible for that coverage. Specific responsibilities vary, so be sure to check your building's by-laws.
Tenants or Renters Insurance
A Tenant or Renters Insurance policy is designed for those who rent an apartment, condo or home. It will include many of the same coverages as a homeowner's policy; the main difference is that a person who rents does not need to protect the building, since the landlord is responsible for that coverage. You will see protection for your personal property as well as liability coverage.
Rental or Landlord's Insurance
A Rental or Landlord's Insurance policy is designed for those who own a home, condo or co-op, but rents the location out to a tenant. It will include many of the same coverages as a homeowner's policy; the main difference is that a landlord only has limited personal property at that location and is not responsible for insuring their tenant's personal property. A landlord will typically require a tenant to have their own tenant's policy. This will ensure that there is liability coverage for everyone, just in case of a lawsuit.