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

If you are moving into a condo that is owned by your parents, you may not be required to purchase renters or homeowners insurance, but it's still important to consider the benefits and potential risks of not having insurance coverage. Your parents, as the owners of the condo, would typically have a homeowners insurance policy that covers the physical structure of the building and any liability issues that may arise. However, this policy may not cover your personal belongings or any personal liability claims that may arise from your occupancy of the condo. In some cases, your parents' homeowners insurance policy may have a provision that extends coverage to you as a resident of the condo. This is sometimes referred to as "guest medical coverage" or "additional living expense coverage". However, this coverage is usually limited in scope and may not provide adequate protection for your specific needs. In the event of a covered loss, such as a fire or theft, without renters insurance, you would not be able to file a claim for any personal property damage or loss. Similarly, if someone were to sustain an injury while visiting your condo, you could potentially be held liable for any resulting medical bills or legal expenses if you don't have liability coverage. Therefore, it may be wise to consider purchasing renters insurance to provide coverage for your personal belongings and liability protection. Renters insurance is generally affordable and can be customized to your specific needs, so you can choose the coverage limits that make the most sense for your situation. It's always a good idea to review the terms and coverage limits of your parents' homeowners insurance policy and discuss your specific situation with an insurance agent to determine what additional coverage may be necessary to protect you and your personal belongings.