If you plan to rent out your Florida condo, your existing insurance through Familia Insurance Agency, serving Kissimmee, FL, may not provide the coverage you need. Most standard condo policies are designed for owner-occupied units, not rental properties. Once tenants are involved, the risks change, and so should your policy.

Landlord Coverage Adds Key Protections

When renting out your condo, a landlord policy, sometimes referred to as a condo rental endorsement, can help fill coverage gaps. This type of policy can protect against property damage caused by tenants, provide liability coverage in the event that someone is injured on the premises, and even offer coverage for loss of rental income if the unit becomes uninhabitable due to a covered event. Without these additional protections, you may end up paying out of pocket for expenses you assumed were insured.

Short-Term vs. Long-Term Rentals Matter

Your insurance needs may vary depending on how you rent the unit. If you use platforms like Airbnb or Vrbo for short-term stays, traditional landlord insurance might not be sufficient. Many insurers require specific short-term rental endorsements to address the increased turnover and unique risks associated with vacation rentals. Be sure to inform your agent about how often, and to whom, you plan to rent your condo.

Don’t Forget About the Association’s Policy

Some condo associations impose restrictions on rentals or require owners to carry specific types of coverage. Reviewing your association’s rules before listing your unit is crucial, as violating them could result in fines or denied claims. Additionally, keep in mind that the association’s master policy will not cover tenant-caused damage inside your unit.

Before renting out your Florida condo, consult an experienced agent at Familia Insurance Agency, serving Kissimmee, FL, who understands state regulations and condo rental risks. The right policy can make all the difference.