Rented Condominium

When you purchase a condominium, you are buying your unit as well as a portion of the structure, amenities and facilities of the whole building or complex. Condominium insurance allows you to protect your own home and also provides coverage for your liability as a joint owner of the common areas. If you choose to rent it to a third party, your condo insurance policy provides coverage for your contents, additional living expenses, liability, loss assessment, betterments and improvements, contingent premises liability and loss of rental income.

Although you don’t own the building you do own the interior of the building.

Upgrades are covered under better and improvements coverage up to a certain limit. Loss Assessment coverage provides coverage for any damages or losses to any common area that you are liable for. Loss assessment coverage pays out your portion of the special assessment if the loss is due to an insured peril.

Rented Home

As a landlord, you have special insurance concerns. Not only are you interested in protecting the dwelling itself, but you must also be insured against accidental injury of you renters or other people in the home. In addition, an interruption in rental payments may make it difficult for you to pay the mortgage. We at Irwin & Billings Insurance can secure a policy that will replace lost income.

Owning a rented dwelling is an investment and insuring your investment provides coverage for your property or injury to the people in the home. You are also committed to making your mortgage payments regardless of whether the home is livable. If an insured peril causes unfit occupancy or a civil authority prohibits access to the dwelling, loss of rental income coverage will apply.

You may wish to insure the contents of your rental home which would include appliances, maintenance equipment and window coverings. These are YOUR personal property and should be protected against loss or damage.

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