What the landlord policy actually covers
The structure. That is it. Your landlord insures the building because the building is theirs. Everything you moved in is yours to insure, and if it is destroyed the landlord policy does not replace it.
Renters coverage also carries liability, which is the part people never think about — if something starting in your unit damages the units around it, that is pointed at you.
Condo owners have a seam to watch
An HOA master policy covers the building to some defined point, and your HO-6 covers from that point inward. Exactly where that line falls is written in the HOA documents and it is not standard from one association to the next.
Reading the master policy before choosing your limits is the whole job. Guessing at that line is how people end up paying for drywall twice or not at all.
Loss assessment, the one nobody knows about
When an HOA has a loss bigger than its master policy covers, it can assess the owners for the difference. Loss assessment coverage on your HO-6 responds to that. It is inexpensive and most people have never heard of it.
Also written here
- Renters (HO-4)
- Condo (HO-6)
- Loss assessment coverage
- Scheduled valuables