If you’ve found the perfect condo to rent in Plymouth, MN and have queries about insurance, consult with one of our Anchor Insurance Agency LLP agents about renter’s insurance and what a policy encompasses.
Condo Owners and Insurance Coverage
The condo association where the rental property is located has insurance that covers the building and its common areas. This coverage is known as the master policy.
An individual who owns and lives in a condo will have condo insurance, which covers the owner’s personal belongings. If the condo unit owner decides to convert their unit into a rental, they will need to consult with our agents about obtaining landlord insurance.
A landlord insurance policy safeguards the condo unit owner from liability if something happens to the person renting the condo unit and the owner is found to be at fault.
Once the condo unit is rented out, the renter(s) will need to secure rental insurance.
Insurance Coverage for Condo Renters
A renter’s policy is crucial, particularly if you want to protect yourself. As a renter, you will want personal liability coverage in case you are liable for an unintentional injury or accident. The coverage helps cover the injured person’s medical bills. The policy will also pay if you are found responsible for damage to another person’s residence.
A standard policy for renters’ insurance also covers your personal belongings and loss-of-use.
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Whether you are relocating across town to a new residence or moving to Plymouth, MN, and planning to rent a condo, let Anchor Insurance Agency LLP guide you in obtaining suitable insurance coverage for protecting your personal property and liability-related issues.