What Does Condo Rental Property Insurance Actually Cover?
- Nate Jones, CPCU, ARM, CLCS, AU
- 4 days ago
- 2 min read
Renting out a condo can be a profitable investment, but it also exposes property owners to risks that standard homeowner’s insurance does not address. Understanding what condo rental property insurance actually covers is essential to protect your investment, your liability, and your income.
Most homeowner policies are designed for owner-occupied residences. Once you rent your condo, coverage gaps may appear—damages caused by tenants, liability claims, or lost rental income are often not included. According to the Insurance Information Institute, landlords should carry specialized insurance to fully protect their property and financial interests.
Key Coverages in Condo Rental Property Insurance
Condo rental insurance is tailored to address the unique risks of rental properties. Typical coverage includes:
Property Damage Coverage: Protects your condo against tenant-caused damage, fire, vandalism, or certain natural disasters. This ensures costly repairs don’t come out of your pocket.
Liability Coverage: Provides financial protection if a tenant or visitor is injured on your property and decides to file a claim. Liability coverage can cover medical expenses, legal fees, and settlements.
Loss of Rental Income: If your condo becomes uninhabitable due to covered damages, loss-of-rent coverage replaces the rental income you would have earned, keeping your investment financially secure.
Optional Add-Ons: Depending on your location, flood insurance, earthquake coverage, or additional liability protection may be advisable.
Why Work With Wexford Insurance?
Choosing the right condo rental insurance policy can be complex. Wexford Insurance specializes in landlord coverage and offers tailored policies to ensure your condo is protected against property damage, liability claims, and lost income.
You can request a quote from Wexford Insurance to evaluate options and get coverage that matches your specific property and risk profile. Their expert guidance makes it easy to protect your investment while complying with legal and lender requirements.
