What Are the Most Common Condo Rental Insurance Claims?
- Nate Jones, CPCU, ARM, CLCS, AU
- 4 days ago
- 2 min read
Owning a condo rental comes with responsibilities—and risks. Even if your condo association provides a master policy, it usually does not cover individual unit damages, tenant liability, or loss of rental income. Understanding the most common condo rental insurance claims helps you stay prepared and ensure your investment is fully protected.
1. Water Damage and Burst Pipes
Water damage is consistently one of the top claims for condo rentals. Leaking pipes, broken appliances, or overflowing sinks can cause:
Damage to flooring, walls, and ceilings
Mold growth requiring professional remediation
Property damage affecting tenants’ belongings
Tip: Routine maintenance of plumbing and appliances can reduce water-related claims. Learn more about water damage coverage from the Insurance Information Institute.
2. Fire and Smoke Damage
Fires, though less frequent than water damage, can be devastating:
Electrical faults or kitchen accidents are common causes.
Smoke can cause extensive damage even without flames.
Fire claims often include repair costs, temporary housing for tenants, and loss of rental income.
3. Theft and Vandalism
Condo rental units are sometimes targeted for theft or vandalism, especially if units are unoccupied for extended periods. Insurance claims may cover:
Stolen or damaged personal property
Repairs for broken windows, doors, or fixtures
Tip: Security systems and smart locks can lower your risk and insurance premiums.
4. Liability Claims
Liability claims occur when a tenant or visitor is injured inside your condo unit. Common scenarios include:
Slip and fall accidents
Injuries caused by faulty appliances or structural issues
Tenant disputes resulting in lawsuits
Liability coverage protects you from costly medical expenses and legal fees.
Why You Need Condo Rental Insurance
Even if your condo association carries a master policy, your individual unit and rental activity are not fully protected. Condo rental insurance covers:
Dwelling and personal property damage
Liability for injuries inside your unit
Loss of rental income if your condo becomes uninhabitable
Why Choose Wexford Insurance?
Wexford Insurance helps condo owners safeguard their rental properties with customized coverage:
Tailored Policies: Choose coverage that matches your unit’s needs.
Expert Guidance: Understand what’s covered vs. what your association policy covers.
Competitive Rates: Affordable protection without sacrificing coverage.
Quick Quotes: Get a no-obligation quote online and secure peace of mind.
Protect your investment today—get a Wexford Insurance quote.
