Condo Association Insurance vs. Condo Rental Insurance: What’s the Difference?
- Nate Jones, CPCU, ARM, CLCS, AU
- 4 days ago
- 2 min read
If you own a condo, it’s important to understand the different types of insurance available. Many property owners confuse condo association insurance with condo rental insurance, but the two serve distinct purposes. Choosing the right coverage protects your investment and prevents costly surprises.
What is Condo Association Insurance?
Condo association insurance, often called a master policy, is purchased by the condominium association to cover the building’s common areas and structural elements.
It typically includes:
Building Coverage: Protects walls, roofs, and shared spaces.
Liability Coverage: Protects the association if someone is injured in common areas like lobbies, gyms, or pools.
Optional Coverage: Some policies include flood, earthquake, or other natural disasters.
Tip: Check with your condo association to understand what’s covered, as policies vary by association. Learn more from the Insurance Information Institute
What is Condo Rental Insurance?
Condo rental insurance is purchased by individual unit owners to protect their property and liability. This is especially important if you rent out your condo. Coverage typically includes:
Dwelling Coverage: Protects your unit’s interior from fire, theft, or water damage.
Personal Property Coverage: Covers furniture, appliances, and personal belongings.
Liability Protection: Covers accidents or injuries that happen inside your unit.
Loss of Rental Income: Reimburses lost rent if your condo is uninhabitable due to covered damage.
Pro tip: If you rent your condo short-term, check if your policy covers platforms like Airbnb or VRBO.
Key Differences Between Condo Association and Condo Rental Insurance
Feature | Condo Association Insurance | Condo Rental Insurance |
Purchaser | Condo Association | Individual Unit Owner |
Coverage Area | Common areas & structural elements | Individual unit & personal property |
Liability | Injuries in shared spaces | Injuries in your unit |
Rental Income Protection | Not included | Included (optional) |
Understanding these differences ensures you’re not left underinsured.
Why Choose Wexford Insurance?
When protecting your condo investment, Wexford Insurance makes the process simple:
Tailored Coverage: Policies that match your unit’s needs.
Expert Guidance: Friendly agents help navigate condo vs. rental insurance.
Competitive Rates: Affordable protection without sacrificing coverage.
Quick Quotes: Get a fast, no-obligation quote online.
