Condo Rental Insurance: A Necessity For Seasonal Tenants

Condo rental insurance is very likely a good idea whether you own a condo and are renting it out, or are renting a condo owned by someone else.

Even Renters Have Liability

If you are renting a condo, it is tempting to think the condo association and master policy and the condo owner’s insurance covers you. But does it? If you are a seasonal renter, condo rental insurance can provide coverage to replace your personal possessions if they are stolen or destroyed.

There also are the issues of liability if you are renting a condo and do something to cause damage to another’s property or harm to another person.

You not only need to know what is covered by the condo owner, but be prepared to provide the needed coverage for yourself.

Condo Owners Have Liability

If you own a condo and rent it out, condo rental insurance is a must as you remain liable for your unit even if you are not there. Additionally, you need to be certain that rentals are allowed in your complex or you could find your insurance company not liable to pay for damages renters cause.

As with any insurance, when considering condo rental insurance, gaining adequate knowledge of the coverage you have and the coverage you need is your best first step.

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