If you are thinking about renting out your condo to someone else, then you need to consider what your condo insurance is going to cover in this event. It can be very risky to rent out your condo to someone that you don't know because you don't really know how they are going to behave and whether or not they are really going to respect your home. Fortunately, there are things that you can do to ensure that your condo will be repaired if anything happens to it when you are renting it out to tenants.

When you get your condo insurance, you can opt for easy to buy condo coverage that will protect you from damage that is caused by tenants. When you secure this kind of coverage, it will ensure that if your tenant throws a wild party and destroys something like the carpet or the fixtures in your home, then this will get covered by your condo insurance. A lot of condo owners make the mistake of assuming that this kind of thing will automatically get covered, but this is not true. You need to actually add this kind of coverage to your policy to benefit from it.

What Counts as Tenant Damage

You may be wondering just what tenant damage actually is. This is normally defined as damage that occurs that is not a result of normal wear and tear. Some condo insurance companies may have different definitions of what normal wear and tear is, so you will need to check before you purchase a policy. Tenant damage is usually something beyond what would occur normally. Broken fixtures, holes or cigarettes in the carpet, and a variety of other things will normally qualify as tenant damage. If you are considering adding this kind of coverage to your policy, then you need to speak with your provider and ask them to provide a list of examples.

If there is ever anything that occurs and you are not sure about whether it is covered or not, it is best to speak with your condo insurance provider about this issue directly. A lot of things can happen, especially if you aren't around to supervise. As such, you have no real way of knowing what kind of incidents or accidents will occur. As soon as something occurs and you suspect it is tenant damage, then you should contact your provider and begin asking questions.

Why You Need This Coverage

A lot of condo owners may assume that getting coverage for tenant damage is just an extra expense that they do not need to be concerned with. Many might know or trust the tenants that they are renting to and thus see no need to take on extra expenses each month. However, these people couldn't be more wrong. Even the most responsible tenants will have accidents every now and then, and you will want to make sure that you are prepared when this happens. Spending a few extra dollars now could save you a lot later on.

If you do not get coverage for tenant damage and something happens, then you may be put in a tough spot. Your may try your best to get the money for the damages from the tenant directly, but this is not always going to be possible. As such, you may have to pay for all of these damages yourself, and this could get really expensive. If you want to make sure that this money stays in your pocket, then you should consider getting this coverage today.

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