What Type of Insurance Do I Need if I Plan to Use My Condo as a Rental?

Posted on May 30, 2025May 28, 2025 by admin

Understanding Insurance for Your Rental Property

Condo owners in Uniontown, OH, planning to convert their unit into a rental property may be unsure about what is needed to ensure their property is protected, whether from events, accidents, or damage caused by tenants.

Does My Condo Association’s Policy Cover My Unit?

The answer is no. An association’s master policy insures the structure of the building and the surrounding common areas, not the interior of each individual unit.

For residents, an HO-6 policy covers the owner’s personal property, belongings, and interior. For owners planning to rent their condo, landlord insurance is necessary, as homeowners’ insurance typically does not provide coverage.

What Does Landlord Insurance Cover and Not Cover?

Generally Covered

Protecting your condo with insurance when it becomes a rental unit is at the top of the list of "important things to do". When you purchase landlord insurance, some areas of the unit’s interior are covered. If you have provided appliances or furniture for the rental condo, these may also be covered. The policy may also include liability coverage in case of an injury.

Generally, Not Covered

If your tenant intentionally damages the unit, your insurance may not apply. You may need additional coverage for water damage due to faulty drains or sewer issues. Flood insurance may also need a separate policy.

Your tenants need to purchase renters’ insurance to protect their personal belongings, as landlord insurance does not.

Contact Bonvenuto Financial Group LLC

For a complete understanding of what landlord insurance covers for your condo rental property in Uniontown, OH, contact us at Bonvenuto Financial Group LLC. We thoroughly explain the coverage, why it’s needed, and make recommendations for any additional coverage that may be beneficial. Please call us at your earliest convenience to arrange the right coverage that protects your investment.

What Condo Insurance Can Do For You

Posted on June 28, 2024July 2, 2024 by admin

There are many reasons why you might have decided a condo was right for you. It could be the amenities, the camaraderie, or the great location. One thing tenants like about condos is that they’re low maintenance—no yard work, no repainting. The HOA can be both a blessing and a curse, but for the most part, it will be responsible for protecting the value of your property. However, there are some things the HOA cannot cover. For that, you need condo insurance.

Condo Insurance vs HOA

The HOA policy generally covers common areas and structures such as the pool, garage, or gym. If you want something that covers you personally, you need condo insurance. That means your personal property, personal liability, medical payments, and more. If, for some unforeseen reason, you are unable to live in your condo, condo insurance can pay living expenses until your condo is livable again.

Other Things Covered by Condo Insurance

Of course, you will have to check your individual policy for the specifics, but generally, condo insurance covers fire, theft, and vandalism. Storm damage and damage from water, lightning, and falling objects may also be covered by your policy. You may need extra insurance for earthquakes and floods. Sewer backup is not standard but can be added as an endorsement.

Bonvenuto Financial Group LLC is Now Serving Uniontown, OH

If you have a condo that you’d like to get insured and you’re in the Uniontown, OH area, please contact Bonvenuto Financial Group LLC. Our committed, compassionate, and competent agents will do all they can to help you find the policy that best suits your individual needs.

What is the advantage of having condo insurance in Ohio?

Posted on July 21, 2023July 14, 2023 by admin

If you are looking for a new place to live in the Uniontown, OH area, getting a condo can be a great option to consider. There are a lot of benefits that come with condo ownership, which can include having a stable and consistent place to live without having the same maintenance obligations that come with owning a single-family property. If you do get a condo, you also need to have condo insurance for a variety of reasons.

Comply with Agreements

You will need to get condo insurance to ensure you remain in good standing with all requirements. Those that are going to buy a condo will more than likely take out a mortgage. When this happens, you need to follow any regulations set by your lender, which will include getting condo insurance. Further, you will need to have coverage to meet standards that are set by your home association.

Protect Yourself

It is also a good idea to get condo insurance to ensure you are able to protect yourself. There are a lot of risks that can come with owning a condo. These can include the risk of damage to your dwelling or personal assets or being named liable for damages in an accident. In either situation, you can benefit by having a condo insurance plan as it will give coverage to help mitigate these risks.

Reach Out To Us

It is always important that you get a proper condo insurance plan for your home in the Uniontown, OH area. When you are ready to start looking for coverage, you should call our professionals with Bonvenuto Financial Group LLC. At Bonvenuto Financial Group LLC, we understand the value of this coverage and will provide any support that you need to create a plan that will meet your needs.