Is My Condo Association Policy Enough to Protect My Rental Property?

Nate Jones, CPCU, ARM, CLCS, AU
4 days ago
2 min read

Owning a rental condo comes with unique risks—and relying solely on your condo association insurance may leave gaps in coverage. Many unit owners assume that their master policy fully protects their property, but association policies primarily cover common areas and the building structure, not your individual unit or personal belongings.

Understanding the limits of condo association policies and knowing when to add condo rental property insurance is essential to safeguard your investment.

What Condo Association Insurance Covers

Condo association insurance, also known as a master policy, protects the condominium as a whole:

Building & Common Areas: Walls, roofs, lobbies, pools, and shared amenities.
Association Liability: Injuries that occur in shared spaces.
Limited Optional Coverage: Flood, earthquake, or natural disasters depending on your association.

Tip: Check your association’s policy documents to know exactly which parts of your unit are covered.

What It Doesn’t Cover for Rental Units

Association policies typically do not cover:

Personal property inside your unit
Liability for accidents occurring inside your rented condo
Loss of rental income if your unit becomes uninhabitable
Short-term rental risks (like Airbnb or VRBO rentals)

This gap can leave rental property owners vulnerable to significant financial losses.

Why You Need Condo Rental Insurance

Condo rental insurance fills the gaps left by your association’s policy. Key coverage includes:

Dwelling Coverage: Protects the interior structure of your condo unit.
Personal Property Coverage: Covers furniture, appliances, and personal items.
Liability Protection: Protects against tenant or guest injuries inside your unit.
Loss of Rental Income: Reimburses lost rent if your condo is uninhabitable due to covered damage.

Why Choose Wexford Insurance?

Choosing the right insurance partner ensures your rental property is fully protected:

Custom Coverage Options: Tailored to your unit and rental situation.
Expert Guidance: Agents help you understand the difference between association and rental policies.
Competitive Rates: Affordable plans without sacrificing protection.
Fast Quotes: Get a no-obligation Wexford Insurance quote online.