Condo Rental Insurance: What Owners Should Know
- Nate Jones, CPCU, ARM, CLCS, AU
- 19 hours ago
- 2 min read
Renting out a condo can be a smart investment, but it comes with unique risks that standard homeowner's insurance won’t cover. Whether you lease your unit long-term or seasonally, you need condo rental insurance—also known as landlord condo insurance—to protect your property, income, and liability.
At Wexford Insurance, we specialize in rental property insurance tailored to condo owners. This guide explains what condo rental insurance includes, how it works, and why it’s essential for landlords.
What Is Condo Rental Insurance?
Condo rental insurance is a specialized policy designed for non-owner-occupied condos. Unlike traditional condo insurance (HO-6), which covers owner-occupied units, landlord condo insurance protects against tenant-related risks and rental income loss.
It typically includes:
Dwelling Coverage: Protects the interior of the unit (walls, floors, fixtures) from damage due to fire, storms, or vandalism.
Liability Protection: Covers legal and medical costs if a tenant or guest is injured in your unit.
Loss of Rental Income: Reimburses lost rent if the condo becomes uninhabitable due to a covered event.
Landlord-Owned Property: Covers appliances, furnishings, and maintenance equipment left on-site.
Why Condo Owners Need Specialized Coverage
Most condo associations carry a master policy that covers shared structures and common areas. However, this policy doesn’t protect the interior of your unit or your liability as a landlord. Without proper coverage, you could face:
Out-of-pocket repair costs
Legal claims from injured guests
Lost income during repairs
Mortgage lender requirements for insurance
If you rent your condo short-term (e.g., Airbnb), you may need a commercial policy instead of standard landlord insurance.
How Much Does Condo Rental Insurance Cost?
The average cost of condo landlord insurance ranges from $1,200 to $2,000 per year, depending on:
Location and local risk factors
Property value and size
Coverage limits and deductibles
Rental frequency and tenant type
Policies typically cost 15–25% more than standard homeowners insurance due to the added risks of renting.
Why Choose Wexford Insurance?
Wexford Insurance offers tailored condo rental insurance for:
Seasonal or vacation condos
Multi-unit buildings (duplexes, triplexes, quadplexes)
Condos in HOA-managed communities
We help you navigate HOA master policies, lender requirements, and rental risks with expert guidance and flexible coverage options.
Final Thoughts
Renting out a condo is a great way to generate income, but it requires the right insurance to protect your investment. From liability claims to income loss, the risks are real—but manageable with the right coverage.
Wexford Insurance is your go-to source for condo rental protection. Whether you rent one unit or manage multiple properties, we’ll help you stay covered and confident. Connect today!
FAQs
Q1: Does my condo association’s master policy cover my rental unit?
No. It only covers shared areas. You need separate coverage for your unit’s interior and liability.
Q2: Is condo rental insurance required by law?
Not always, but mortgage lenders and some HOAs may require it.
Q3: Can I add landlord coverage to my existing condo policy?
Yes. Many insurers offer landlord endorsements or separate policies for rental units.
