Your condominium represents a significant investment that requires protection against potential losses, whether you reside in the condo full-time or rent it out. Condo owners need insurance that covers their property and potential liabilities, and additional protection is necessary for those who rent their condo on a long-term or short-term basis. Our team at Leo Insurance Group, serving the Las Vegas, NV area, is here to help you secure the condo coverage that best suits your needs.
Condo Insurance Factors
Basic condo insurance operates similarly to a home insurance policy, except for the condo association’s master policy, which covers part of the dwelling and the common areas. Condo policies typically cover:
- The walls and permanent structures inside your unit, including cabinets,
- Your possessions, including furniture, electronics, appliances, and clothing,
- Your liability in case someone suffers an injury in your unit.
The coverage mentioned above assumes the condo is owner-occupied. It does not cover injuries to renters, their guests, or damages caused to the property by renters. Those who rent their condo require landlord protection.
If you occasionally rent your condo, a rental rider added to your basic condo policy may provide the necessary coverage. However, those with a long-term rental or who regularly rent the property through Airbnb, VRBO, or a similar process should obtain a separate condo landlord policy that provides more comprehensive coverage. For instance, condo rental insurance will cover your loss of income if damages to the condo require your renters to move out, leaving you without the monthly revenue.
Working with Leo Insurance Group in Las Vegas
Leo Insurance Group proudly serves the Las Vegas, NV area. We have extensive experience with condo insurance issues, so call us today at (702) 802-4777 or stop by the office to discuss your condo insurance options.
