Insurance for Residential Condo Unit Owners
Designed for the coverage needs of the individual or corporate investor that owns residential condominium units – leasing them to others.
Target Risks: (Not limited to those below)
- Risks with up to 100 units per policy
- Units leased on an annual or seasonal basis
- New ventures are eligible
- And more!
Ineligible for Online Quoting:
Please note we cannot offer coverage to the following:
- Permits use of wood burning stoves
- Student renters (other than graduate students)
- All locks are not re-keyed prior to leasing to new tenants (annual rental only)
- Located in AK, HI, LA or WV
Coverages Available For Residential Condo Unit Owners
- Property values up to $500,000 per unit, $3,000,000 per location (property coverage is not available in FL or HI)
- General liability up to $1,000,000 occurrence/$2,000,000 aggregate
Optional Coverage For Residential Condo Unit Owners
- Excess general liability or umbrella up to $5,000,000
- Hired and non-owned auto liability up to $1,000,000 (equal to the general liability occurrence limit, not available in AZ, GA, IL, MS, VT or WI)
- Package
- Broad coverage options
- Improvement and betterments, business personal property, loss of rents
- Miscellaneous property as required by association
- Loss assessment (up to $50,000 per unit)
Claim Example for Residential Condo Unit Owners
Bodily Injury: Insured rented out his condo unit to a tenant for the winter season. A child of the tenant tripped over a worn piece of carpet, fell and broke their arm. The insured is sued for medical payments for neglecting to repair the carpet and incurred a claim of $7,200.
Improvements and Betterments: The insured recently upgraded the kitchen in his condo unit. A tenant frying food started a fire that destroyed the kitchen cabinets. It cost $3,500 to replace the cabinets.
Loss of Rental Income: Insured incurred wind damage to roof. The roof was blown off and all of the insured’s tenants were displaced. It was several months before the roof and all damages could be repaired. Due to the units being uninhabitable the insured experienced a loss of $60,000 due to loss of rental income.
Loss Assessment (Property): The insured owned a one- bedroom condo unit within an association. A tree fell on the roof of one of the buildings causing extensive property damage. The association’s master Property for the building has a $10,000 deductible. In order to cover the deductible, the association charged each of it’s members $250.