Real Estate

Liability insurance for rental condo

  • Last Updated:
  • Aug 24th, 2021 10:12 pm
[OP]
Deal Fanatic
User avatar
Oct 16, 2008
9978 posts
4257 upvotes
Vaughan

Liability insurance for rental condo

I am going to rent out a brand new condo unit, how much liability insurance is sufficient? Currently I am with State Farm for auto and property insurance.
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3 replies
Sr. Member
Dec 3, 2019
510 posts
464 upvotes
Ontario
It's important to match your personal insurance to your condominium insurance deductibles.
You should provide the amounts on your condominium insurance certificate to state farm.

As far as liability it's tough to predict the worst possible outcome. I say $2 million is practical.
[OP]
Deal Fanatic
User avatar
Oct 16, 2008
9978 posts
4257 upvotes
Vaughan
buysellbuy wrote: It's important to match your personal insurance to your condominium insurance deductibles.
You should provide the amounts on your condominium insurance certificate to state farm.

As far as liability it's tough to predict the worst possible outcome. I say $2 million is practical.
Thanks. 2M is what was suggested by RE office.

No idea what is condo deductible.
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Sr. Member
Dec 3, 2019
510 posts
464 upvotes
Ontario
It's a more likely that you will deal with an event like a flood than a tenant suing you because they were injured.

When flood happens it's important to know what the condominium insurance covers and what your insurance covers. Otherwise you may not be covered.

A good start to learning that is pulling out the building's condo insurance and talking to State Farm about it.

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