How Much Does Condo Rental Property Insurance Cost in 2026?
- Nate Jones, CPCU, ARM, CLCS, AU
- 4 days ago
- 2 min read
Owning a condo rental property is a smart investment, but understanding the insurance costs involved is crucial. Many landlords are surprised when their standard homeowners’ policy doesn’t cover rental use. Condo rental property insurance provides specialized coverage for landlords, protecting both your investment and your tenants
What Does Condo Rental Property Insurance Cover?
A standard condo rental insurance policy generally includes:
Dwelling Coverage: Protects the structure of your condo from fire, storms, or vandalism.
Personal Property Coverage: Covers your belongings, including appliances, furniture, and personal items.
Liability Protection: Provides financial protection if someone is injured on your property.
Loss of Rental Income: Reimburses lost rent if the condo becomes uninhabitable due to covered damage.
Optional Add-Ons: Policies for earthquake, flood, or umbrella liability can add extra protection.
Tip: Review your condo association’s master policy carefully. Some structural elements may already be covered, which can reduce your premium.
Average Cost of Condo Rental Property Insurance in 2026
Premiums vary based on location, property value, and coverage limits. On average:
Basic Coverage: $400 – $800 per year
Comprehensive Coverage: $1,000 – $2,500 per year
High-Value Properties: $2,500+ per year
Factors That Affect Condo Rental Insurance Costs
Several factors influence the cost of condo rental property insurance in 2026:
Location of the Property: Areas prone to natural disasters, like floods or earthquakes, often have higher premiums.
Property Value: The higher the condo’s replacement cost, the more expensive the insurance.
Coverage Limits and Deductibles: Higher liability or lower deductibles can increase premiums.
Tenant Type and Usage: Short-term rentals (like Airbnb) may cost more to insure than long-term tenants.
Claims History: Properties with past insurance claims may face higher rates.
Ways to Save on Condo Rental Property Insurance
Bundle Policies: Combine condo and auto insurance for potential discounts
Raise Deductibles: Higher deductibles often lower premiums.
Maintain Your Property: Updated plumbing, electrical, and safety features reduce risk.
Review Coverage Annually: Adjust limits based on property value and market trends
Why Choose Wexford Insurance?
When it comes to condo rental property insurance, Wexford Insurance stands out for several reasons:
Customized Policies: Tailored coverage to match your condo’s value and risks.
Expert Guidance: Knowledgeable agents help you choose the right coverage options.
Competitive Rates: Wexford helps you find cost-effective solutions without sacrificing protection.
Fast Quotes: Get an instant, no-obligation quote online in minutes.
Protect your investment and get a Wexford Insurance quote today. Peace of mind for your condo has never been easier.
