Your condo in Salt Lake City, UT is your investment, and you have to keep the inside protected. However, if you’re renting your place to someone else, you might wonder if you need insurance, especially if your tenant has insurance. Mountain West Insurance Inc. has the answer.
Know if You Can Rent Your Condo
You can rent most condos, but your homeowner’s association might have rules, so make sure you inquire before renting out your condo. Keep in mind, you might need board approval, and you may have a cap on the amount you can make on your condo. It’s possible you’ll have to adhere to certain rules.
Why You Want Your Own Insurance
The homeowner’s association may require you to have an insurance policy. You also want to have one in case your tenant drops their insurance, and because your tenant’s policy isn’t going to protect your assets since it’s a renter’s policy. You must update your coverage though to include landlord liability. You’re able to keep your same coverage, though.
Keep in mind, if something should happen to your tenant in your condo, he or she has the right to sue you. However, if you have insurance on your condo, it protects you and your assets from a lawsuit.
If you have personal furnishings in your unit while you’re renting it out, you want to insure them in the event of an emergency or if your tenant should happen to ruin one of them. An agent can educate you on the best course of action for acquiring insurance for a condo you’re renting out.
To learn more about insuring your rental unit or to acquire a quote, contact Mountain West Insurance Inc., serving Salt Lake City, UT and the surrounding areas, by calling 801-676-9769.