How Much Liability Coverage Do I Need for My Condo Rental?
- Nate Jones, CPCU, ARM, CLCS, AU
- 4 days ago
- 2 min read
Owning a condo rental comes with financial opportunities—but also risks. One of the most important protections you can have is liability coverage. Liability insurance protects you if a tenant or visitor is injured on your property or if you are held responsible for damage to someone else’s property. But how much coverage do you really need?
Understanding Condo Rental Liability Coverage
Condo rental insurance typically includes liability protection, which can cover:
Bodily Injury: Medical costs if someone is hurt inside your unit.
Property Damage: Repairs or replacement if you damage someone else’s property.
Legal Defense: Attorney fees if a lawsuit arises from an injury or accident.
Tip: Condo association insurance generally does not cover liability inside your individual
Factors That Influence How Much Liability Coverage You Need
Property Value and Location: Higher-value properties or condos in busy areas may face higher risks of accidents or lawsuits.
Tenant Type: Short-term rental tenants, such as Airbnb guests, may pose a higher risk than long-term tenants.
Assets at Risk: Consider your personal assets, including savings, vehicles, and other properties that could be at risk in a lawsuit.
State Requirements and Local Laws: Some states may have minimum liability requirements for rental properties.
Recommended Liability Coverage Levels
While needs vary, experts often suggest:
Minimum Coverage: $100,000 – $300,000 per occurrence
Moderate Coverage: $500,000 for added protection against costly claims
High Coverage: $1 million+ for high-value units, multiple tenants, or short-term rentals
Umbrella policies are another option if you want extra liability protection beyond your standard condo rental insurance.
Why Choose Wexford Insurance?
Wexford Insurance helps condo owners determine the right liability coverage for their rental property:
Customized Policies: Coverage tailored to your property and rental activity.
Expert Guidance: Agents help you calculate the right amount of liability protection.
Competitive Rates: Affordable solutions without compromising protection.
Quick Quotes: Secure a no-obligation quote online today.
