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Updated almost 2 years ago on . Most recent reply

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Jiseok Kim
1
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5
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insurance for condo rental property?

Jiseok Kim
Posted

Hello Community. Newbie investor is here.

I am confused what type of insurance policy should I buy as a landlord for a condo that I am planning to rent it out.

The condo is under HOA and there is a master insurance policy by the HOA.

I got an insurance quote from my insurance agent as shown below with a yearly premium of < $200.

I am just puzzled why it's cheap as I thought it would cost me about at least $1k for a year..

Can anyone give me some idea how the condo insurance works ?

How would this quoted insurance work with the master insurance policy by HOA? Do I even need this one on top of the master insurance policy?

Most Popular Reply

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348
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245
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Cameron Moore
#3 Insurance Contributor
  • Insurance Agent
  • DFW, TX
245
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348
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Cameron Moore
#3 Insurance Contributor
  • Insurance Agent
  • DFW, TX
Replied

A Landlord condo policy is typically cheaper because it only covers from the walls in and not exterior damage. Always max liability coverage and ensure that you have the Loss of rents coverages as well. 

  • Cameron Moore
  • [email protected]
  • 682-593-4016
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