If you are an investor and you own a rental condo, you may need a landlord insurance policy! The homeowners’ (HOA) policy typically covers only the structure and not the carpets, appliances or drapes. Most policies don’t cover the costs of plumbing problems within the unit – problems that can cause damage to the condo and/or to the unit below. In addition, many HOAs have large deductibles in order to keep premiums down. Finally, the HOA policy will not cover landlord liability. Even if the mortgage company does not require additional insurance, you should talk to your insurance agent.