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.
