If you're renting out the condo you own full time, you want to protect your investment. And since an ordinary condo unitowners insurance policy might not have the coverages you need, you want protection that's specifically designed for your situation. A State Farm® Rental Condo Unitowners policy can help protect your property, furnishings, liability, and even assist with loss of rent if your unit is damaged and can't be leased due to a covered loss.
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The State Farm Rental Condo Unitowners policy helps cover accidental, direct physical loss to your condo unit and your personal property located there, based upon the coverage provided by your policy.
This policy may help with the following coverages:
Although our Rental Condo Unitowners policy is robust, it does not provide coverage for every loss. Examples of losses not covered include, but are not limited to:
You may qualify for insurance discounts if you install fire, smoke, or burglar alarms or other home monitoring system.
This coverage automatically increases the amount of insurance on the dwelling and personal property as inflation increases the cost of replacing your property. The changes are based on the movement of an inflation index and are reflected in the premium on each renewal.
Helps cover your share of any assessment against all unit owners because of property damage due to an insured loss, liability, personal injury or illegal discrimination. Higher Loss assessment limits available at an additional premium.
It well may be. Review your association bylaws. Depending on your association, only a limited number of condos may be designated for rental at any time.
A condo rental property insurance policy may cover tenant damage in some situations. Accidental damage by a tenant is often covered. However, intentional damage or normal wear-and-tear is often excluded in most policies. Tenant-owned personal property is not covered by this policy. Tenants should explore getting their own insurance for their personal property.
Yes, it is just different terminology for the same type of coverage. Both help to repair your rented condo if it's damaged by a covered loss and may even assist with loss of rents if your unit is damaged and uninhabitable due to a covered loss.
There’s a State Farm agent nearby ready to offer personalized service to fit your specific needs.
Looking for help protecting your rental property? You've come to the right place. Articles from Simple Insights draw on over 100 years of State Farm knowledge.
Actual annual premiums will vary depending on coverages selected, amounts of coverage, deductibles, and other factors. Details of coverage or limits vary in some states. This is only a general description of coverage and not a statement of contract. Coverage is subject to the terms, provisions, exclusions and conditions in the policy itself and in any endorsements.
State Farm Fire and Casualty Company
State Farm General Insurance Company
Bloomington, IL
State Farm Florida Insurance Company
Tallahassee, FL
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Richardson, TX
