Owning a condo can be very fun, especially when it sits on the water. Any time you want to get away from the hustle and bustle of ordinary life, you can take off to your condo and enjoy a few days of relaxation. Many people, however, who own condos don’t always live in them year-round. In fact, they choose to rent them out as a way to supplement their income. If you own a condo in Mount Prospect, IL and you want to rent it out, it is important that you know which type of insurance you need to buy. Com-Co Insurance Agency Inc would like to help you take a look at how condo insurance works if you rent out your unit.
First and foremost, you are going to need landlord coverage, especially if you plan on renting out the condo to a tenant for more than a week’s time. There is a lengthy process that you must go through to have someone evicted from a condo if they don’t leave when they are supposed to or fail to meet the terms of the agreement the two of you made when they signed a rental lease. With landlord insurance, though, you can rest easy knowing you will have coverage for any legal liabilities that arise. Also, landlord coverage may be able to make a payout if you get stuck with a repair bill for damage that was made to the property by one of your tenants.
To show that you care about your tenants, you may also want to invest in a renter’s insurance policy. A landlord policy does not provide coverage for your renter’s personal belongings, but a renter’s insurance policy does.
To learn more about renting out a condo and the types of insurance you need to buy, contact Com-Co Insurance Agency Inc serving the Mount Prospect, IL area.