I’m about to move into a condo that is owned by my parents. Do I need to buy renters or homeowners insurance?

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Asked March 26, 2014

1 Answer


There are a couple of questions that need to be resolved before your insurance needs can be established. Your age and status are probably the deciding factors on whether you need to buy insurance, but there is not much question about the actual type of coverage you need.

There is a special type of homeowners insurance, called Condominium Insurance, which covers condos. This type of coverage is designed especially for people who own the dwelling but not the structure it is part of. Condo insurance is similar to renters insurance, but includes coverages for some parts of the structure that renters insurance is not concerned with at all. For example, condo insurance generally covers everything from the interior walls inward, including fixtures and wall coverings, while renters insurance does not include protection for any part of the structure itself.

Since the condo belongs to your parents, your age is the first concern. If you are under the age of 26 or a full time college student, you may be covered under your parents' policy. Since you are technically still living in the parental home, the insurance company may extend coverage to you, or allow you to buy personal property protection without any additional coverages other than what your parents already have.

And your personal property is going to be a concern either way. Most home policies only provide a limited amount of personal property insurance, and most families have more personal property than the basic policy covers. Remember, your personal property includes everything you own that is stored on the property, which includes appliances, stereos, your wardrobe, jewelry, and everything else. Even if you are covered under the policy of your parents, your personal property would be best protected separately to give you the most protection.

Answered March 26, 2014 by Anonymous

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