What is Condo Rental Insurance?

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  • Written By: Misty Amber Brighton
  • Edited By: Allegra J. Lingo
  • Last Modified Date: 22 January 2020
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Condo rental insurance is a type of protection for people who rent out a condo. This policy normally covers any loss to personal property suffered by the tenant. The cost of premiums are usually the responsibility of the individuals who are signing a lease, and may sometimes be mandatory before moving in. Policies may include natural disaster riders that cover destruction to household goods in the event of a flood, hurricane, or tornado.

People who rent condominiums or timeshares do not normally need to be concerned with damage to the property caused by faulty pipes, fire, or falling trees. This is because this responsibility for these issues typically falls on the property owner. Even so, the landlord's policy usually does not cover the contents of the building that is insured. For this reason, renters are often advised to purchase condo rental insurance to cover the loss of personal property in the event the building suffers damage.

Renter's insurance can be taken out in varying amounts based upon the estimated value of the tenant's household goods. In some cases, additional policies may need to be taken out on valuables, such as furs or jewelry. This coverage is normally good only for property that is physically inside the condominium, rather than items that are kept in a storage unit.


Condo rental insurance can be purchased from a licensed agent who might also sell property, automobile, or life insurance. The cost of this coverage can vary from one location to the next, and might be based upon the number of prior claims, credit history, and amount of coverage. Premiums could be assessed annually, semi-annually, or monthly, and are typically paid by the renter.

Some policies can exclude "acts of God", such as earthquakes, hurricanes, or floods. Renters who live in areas prone to certain disasters might want to consider purchasing additional riders to cover their property in the event of one of these circumstances. Doing so can ensure coverage is not interrupted should one of these events take place.

Even though tenants generally do not need to purchase property insurance, they may nonetheless wish to consider condo rental insurance. This is because this coverage can reimburse them for losses to their household goods should they find themselves facing unusual circumstances. These policies can be very affordable and easy to purchase, so finding the right one can be easy to do for most people.



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