Condominium insurance, (also known as condo insurance) policies are a type of homeowner insurance that unit owners need whether they live in a unit or they’re using it as a rental/investment property. Did you know that while many condo units are covered by Master Association Policies, those policies typically only cover the exterior portion, or shell, of the unit. Floor covering, cabinetry, interior walls, plumbing fixtures and other interior items are the sole responsibility of the unit owner. The same holds true for your furnishings and movable belongings that may be inside! What’s more, is that the Master Association Policy does not cover the unit owner’s third-party liability! You could be named in a third-party law suit for bodily injury or property damage that occurred on the premises even if you weren’t present or aware of an incident.
Today’s world is characterized by an ever changing dynamic business, legal and financial landscape. The issue of tenant discrimination and wrongful eviction has become an enormous source for court cases and it continues to grow. Securing Tenant Discrimination type liability coverage may be one of the most important risk management steps that investment property owners can take – even if you already have a professional property manager overseeing your leasing.