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Rental Condo Insurance
When you are the owner of a unit in a stratified Condominium or Townhouse which you rent to others you are responsible for Personal Property you own (usually limited to appliances) and Personal Liability which is provided on a premises only basis (including legal costs).
There is coverage for;
- Unit Improvements & Betterments (any upgrades done to the unit after original construction),
- Loss Assessment (for any damages levied against you for damages you are liable for),
- Unit Additional Protection (covers any shortfall on the Strata Corporation policy which would create financial loss for your unit)
- and coverage for the Strata Corporation deductible in the event you are required to contribute to pay for damage to the building insured by the Strata policy with varying limits available.
Most insurance companies will require landlords to complete Rented Dwelling Questionnaires to gather details on the tenants that will be occupying the property and some will require a property manager be in place for locations in other cities.
Coverage is generally for long-term tenants but some insurers will allow short term nightly rentals. As these are income generating secondary properties there are limited discounts available.