Condo Rental Insurance: Key Requirements Every Owner Should Know
- Nate Jones, CPCU, ARM, CLCS, AU
- 4 days ago
- 2 min read
Owning a condo rental can be a profitable investment—but without proper insurance, it can quickly become a financial risk. Condo rental insurance protects your property, personal belongings, liability, and rental income. Understanding the key requirements ensures you’re fully covered.
1. Dwelling Coverage
Dwelling coverage protects the structure of your condo unit from covered perils such as:
Fire and smoke damage
Water damage or burst pipes
Vandalism or theft
Tip: Verify if your condo association policy covers structural components, as this can impact your personal coverage needs. (Insurance Information Institute)
2. Personal Property Coverage
Condo rental insurance should cover your personal belongings inside the unit, including:
Furniture, appliances, and electronics
Decorative items and clothing
Tenant belongings (if required under your rental agreement)
This ensures that damage or theft won’t result in out-of-pocket expenses.
3. Liability Coverage
Liability protection is critical for condo rental owners. It covers:
Injuries to tenants or visitors in your unit
Property damage caused by your rental activity
Legal defense costs if a lawsuit arises
Note: Standard condo association insurance generally does not cover liability inside individual units.
4. Loss of Rental Income Coverage
If your rental unit becomes uninhabitable due to a covered loss, loss of rental income coverage reimburses you for lost rent. This is especially important for owners who rely on rental income to cover mortgages or other expenses.
5. Optional Add-Ons
Depending on your location and rental activity, consider additional coverage:
Why Choose Wexford Insurance?
Wexford Insurance helps condo rental owners meet all key insurance requirements:
Customized Policies: Tailored coverage for your condo and rental activity
Expert Guidance: Knowledgeable agents help you understand gaps and requirements
Competitive Rates: Affordable protection without sacrificing coverage
Quick Quotes: Get a no-obligation quote online today
