Entrepreneurship & Small Business

Rented Condo Insurance - needed?

  • Last Updated:
  • Feb 12th, 2020 4:30 pm
[OP]
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Nov 23, 2008
3781 posts
1057 upvotes

Rented Condo Insurance - needed?

To the landlords who rent out a Condo, or insurance experts, how necessary is "Rented Condo Insurance" ??

Let me clarify, this is insurance bought by the Landlord, not the renter.

Thanks in advance
Last edited by SomeOtherDude on Feb 11th, 2020 4:44 pm, edited 1 time in total.
2 replies
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Dec 11, 2003
1949 posts
667 upvotes
Toronto
Unless the name changed I believe this should be called renters insurance. When I was renting (condo, apt, etc) it was always required. I thought nobody would rent to you unless you had it.

If a pipe bursts then your renters insurance would cover it (that's just an example; I don't remember what renters insurance actually covers). If you don't have renters insurance and something happens then you have to pay out of pocket.

EDIT: I see that you clarified your question. I thought you were the renter. I was wondering why your question is in the Entrepreneurship section. Now it all makes sense.
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Deal Fanatic
Aug 21, 2007
5304 posts
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Markham
SomeOtherDude wrote: To the landlords who rent out a Condo, or insurance experts, how necessary is "Rented Condo Insurance" ??

Let me clarify, this is insurance bought by the Landlord, not the renter.

Thanks in advance
its normally quite cheap for what you get, so why not?

I have intact insurance and pay about $250plus pst for a rented condo with full suite of coverages

if you own your own home that you live in, you could potentially pay even less (my dad with allstate pays around $100 extra for extended liability, rental income coverage, betterments etc)

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