Downtown Portland, Oregon
Downtown Portland, Oregon

Landlord Insurance for Condominiums

In it’s simplicity landlord insurance for a condominium will save you from:

Severe financial loss if your condominium is damaged or destroyed.
Damage and loss to any property that is owned by you within the condo such as washer, dryer, etc.
Financial loss due to liability claims, medical expenses, and other amounts that result from property damage and personal injury suffered by others in which you are held accountable.
Reimbursement of lost rental income as a result of a covered loss.

The six basic coverage’s of a landlord insurance policy for condominiums are:

Your condo association will have an insurance policy that will cover the exterior of the building and the common areas but most likely the master policy will not cover the replacement of your interior. Dwelling coverage will provide protection for the sheetrock, cabinets, flooring, and components of the condo cannot be removed; it does not reflect the value of the personal property inside.

A condo policy provides coverage resulting from these perils:

 Fire and lightning

Windstorm and hail


 Theft, vandalism and malicious mischief

 Riot and civil unrest

 Damage from vehicles

 Sudden, accidental damage from smoke

 Objects falling from the sky

 Volcanic eruptions

 Weight of snow, ice and sleet

 Accidental discharge or overflow of water from your plumbing

 Freezing of plumbing

 Sudden, accidental tearing, cracking, burning or bulging of a steam pipe or hot water heating system

A condo insurance policy will exclude a loss due to flood and earthquake. Flood insurance is available through the federal government’s National Flood Insurance Program & earthquake is available as an optional coverage. Click here to get details on flood insurance and earthquake insurance coverage options.

The property or personal belongings insurance portion of your rental insurance policy protects loss or damage to personal property. This would include washer, dryer, refrigerator, etc. any property that is owned by you which is part of the the rental condominium.
If your rental condominium is not fit to live in as a result of a loss, your landlord insurance policy will cover your “loss of rental income”. The policy will provide reimbursement to you with the loss of rental income while you wait for your tenant to move back into the home. The dollar limit on this type of coverage is provided by you and incorporated into the policy.

Important Info
In order to secure your lost rental income you will need to provide the insurance adjuster with a valid rental agreement, if no rental agreement is in place you will not have this protection. 
If you are found responsible & liable for personal injury or property damage suffered by another person, your insurance company will investigate the event and might offer a settlement amount owed to that person through your liability coverage. This is only true if carelessness or negligence, rather than intentional misconduct, caused the injury or damage.

There is no deductible with liability claims.

If a nonresident of the rental home requires medical assistance as a result of a minor injury suffered on or near your premises, your insurance company can pay his or her medical expenses with the medical payment to others coverage. This covers necessary medical expenses incurred within 3 years of an accident causing bodily injury and would include charges for medical, surgical, x-ray, dental, ambulance, hospital, professional nursing, and funeral services.

Medical payments to others does not apply to injuries of named insureds or any regular resident of the household. Medical payments to others is a good will payment in the hopes of preventing a larger lawsuit down the road as the payment should not be construed as admitting liability.

This coverage will cover a loss due to bodily injury or property damage within a common area of the condo development. If someone were to file a claim against the condo association, the association will pay the deductible and will be paid out up to the policy limits that the association is covered for. After the condo association policy pays out its limits then you are responsible for payment.

As an insurance broker I help individuals throughout Oregon and the Pacific Northwest manage risk.