I have a condo that I rent to tenants on a yearly basis. Do I have to get liability insurance or is it covered under the Condo’s Association ?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Nov 24, 2012

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Insurance Question from Fort Pierce, FL

Asked on 11/24/2012

I have a condo that I rent to tenants on a yearly basis. Do I have to get liability insurance or is it covered under the Condo’s Association ? I do not have any insurance at this time.

Answer given on November 24, 2012

If you are renting your condo to another party, you need insurance for your unit. The Condo Association covers the building area that they are responsible to cover, based on the CC&Rs. Usually it is a “bare walls” policy, meaning the association is responsible to the bare walls of each unit. The interior, including wall coverings, flooring, kitchen and bath fixtures, would be your responsibilty. Also, the association liability coverage is only for the association, not individual unit owners. You need to protect yourself should someone get injured in your unit, of you cause damage to another person’s unit. Also if you are furnishing the unit, even if only a washer/dryer, stove or other appliance, you should insure those items in case of a fire.You can usually obtain insurance for the unit for a reasonable cost. If you have a homeowner policy, contact your agent for a quote for the insurance on the unit. The cost of the insurance is probably tax deductible, since it is a part of your costs to rent the unit.

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