I own 2 high end condos in Miami that I've been renting out for the past 8 years as long term rentals. The condo HOA fees are hefty but as usual don't cover any water damage, fire, etc due to negligence of the tenant. I encourage the tenants to get their own insurance and that is part of the lease. And of course, this does not cover me if they happen to slip and fall in the unit and decide to come after me. I've looked at several landlord's insurance for condos and they are around $500/year. If I am not mistaken, this is also tax deductible so that's good.
Can someone tell me if getting landlord's insurance for rental condos is rare? Am I just being overly cautious?
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
9y
@Apkesh Kumar I would say 99% of all investors have some form of insurance on their condo. At a minimum, you should get Liability Insurance, which will cover you for the slip and fall claims. I have FL investors who have a $1M liability policy for $120 per unit per year.
When a Property policy is purchase to cover the unit, it will cover either up to the amount owed on the unit, or what it would cost to rebuilding the interior of the condo from the "paint on in".