What Is The Difference Between Renters Insurance And Condo Insurance? 
The difference between Renter 's Insurance , Condo Owner 's Insurance & even Homeowner 's lies in the insurable interest . A renter 's policy is going to cover personal property -LRB- contents -RRB- , but not any building coverage ... since the renter does not own the building , they do not typically have an insurable interest . However , in some cases , there have been leases that require the tenant to pay for the insurance and taxes - these are called triple net leases . The renter in these cases may have to purchase coverage for the building rented -LRB- usually a home -RRB- . Condos almost always have a condo association . The condo association covenants determine how the condo should be covered . Some associations only cover the exterior walls , leaving the condo owner to cover everything attached to the building including what 's between the drywall/sheetrock & exterior . Some associations cover everything up to the drywall/sheetrock , while others even include anything attached to the drywall/sheetrock including cabinets , etc. . On occasion , the condo association can assess a property deductible to each individual condo for $ 10,000 ; in which case you would want to make sure that amount is added to the your policy . In each case , whether renter 's insurance or condo insurance , make sure you obtain the lease or covenants and make sure you do n't have any `` holes '' in your coverage ! 