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.
Amanda Frazier, R, RMP (RB-21435)
Property Manager and Chief Operating Officer