Both as a home owner, and as a tenant, you will want to make sure you are properly insured. As we see with the recent hurricanes sweeping our nation, you never know when you will need that insurance to kick in.
Some home owners think they are covered by their association/building's general overall policy. This is not always the case. If your property is a rental - you should always have your own policy.
Usually, the main building policy will have a high deductible and will not always cover liability, etc. Check with your insurance provider and be sure that you are covered.
As a professional Property Management company, we always require that our clients have their insurance providers add us as Additional Insured under their policy. This is standard business practice - if your current company is not requiring this, you may want to reconsider if they are a qualified, professional company.
The reason we need to be added, is that as your representative, if anyone were to go after your insurance for a claim, they will not only go after you, but also the building, association, and us. Since we are representing you, we require this layer of protection.
For around $100 a year, you can get covered through renter's insurance. Renter's insurance can cover things such as your property if there is a break in; cost to replace food in your fridge if the refrigerator goes out; the cost of repairs to the unit if you are responsible for accidentally setting a house fire. Check with your current insurance agent whom you use for your car insurance, etc - they will usually give you a discount for adding on another policy.
Property Manager and Chief Operating Officer