Condo Insurance for investment properties
Whether you rent your condo out to tenants or are renovating it, walls-in condo coverage protects your unit against losses to the property that you may be responsible for under your Condo Association’s requirements. National Real Estate Insurance Group can help protect your condo and your investment.
Submit your property information using our online proposal request, and receive a custom proposal. An agent will contact you to go over your insurance options and help you choose the best coverage for your business.
Start a proposal request to get your condo insurance solutions today!
What does condo
insurance cover?
Dwelling coverage can protect your condo against direct physical damage to the property. We provide walls-in coverage for losses such as:
- Fire
- Lightning
- Windstorm and Hail
- Named Windstorm
- Theft and more
Choose between Basic and Special form coverage when discussing your coverage options with your agent. We can also offer property coverage for the Condo Association’s buildings, subject to review of the bylaws.
Liability insurance
for condos
Liability coverage is needed to help protect your real estate investment from claims that happen at your property. Examples include but not limited to:
- If someone were to slip and fall on your property
- If one of your tenant’s dogs were to bite someone on your property
- If your tenant suffered medical issues from a carbon monoxide leak
- Medical expenses are included
Our liability insurance options start as low as $7 per month, per property and come with $1,000,000 per occurrence and $2,000,000 aggregate limits of liability.
How much condo insurance coverage do I need?
Condo insurance provides walls-in coverage in the event of a loss in the unit. The amount of coverage may depend upon the intent of the condo (whether it is a rental or under renovation), and the requirements of your lender and/or Condo Association. After you request a proposal, an agent will discuss with you how much coverage you need as everyone’s situation is different. You can request a proposal or call 888.741.8454 to discuss your proposal with one of our licensed insurance professionals.
What property deductible is right for a condo?
Property deductible is a portion of what you are responsible for paying “out-of-pocket” toward a loss at your property before your insurance carrier will pay for a claim. When deciding on a property deductible, think about the minimum claim you would have to turn in before it harms your business and do as much as double it. If you would never file a $1,000 claim, don’t carry a $500 deductible. Remember, the lower your property deductible, the higher your rate. Our liability insurance has no deductible.
How much does condo insurance cost?
Insurance costs for condos vary greatly based on many different factors. With us, you can insure your condo at $75 per square foot to obtain Actual Cash Value coverage with no coinsurance and $120 per square foot for Replacement Cost coverage. Because of our monthly reporting form, you can pay for coverage monthly, never overpaying for condo insurance.
Why choose us for condo insurance?
Ease of Use
Insure your entire investment portfolio on one monthly report
Monthly Payments
Set up auto pay and pay for coverage monthly as-you-go
Leading Carriers
All coverage are underwritten by AM Best “A” or better rated carriers
Nationwide Coverage
nsure your investment portfolio in 49 states + DC (excluded in Louisiana)
Add more coverage to your condo insurance
With NREIG, you can add extra coverage options to your condo insurance. After you request a proposal, an agent will contact you to discuss your proposal and offer additional coverage options to limit your exposure. We have products ranging from flood to Tenant Protector Plan to additional liability limits options.
Add the Tenant Protector Plan
Most investors choose to add the Tenant Protector Plan® to their rental property insurance, which provides coverage for tenant-caused negligent losses. Tenant Protector Plan® is our cost-effective way to offer an alternative to renter’s insurance. We do this by working directly with you to secure the coverage, guaranteeing the coverage is in force when you need it. For substantially less than what a renter’s policy would cost your tenant to purchase on their own, we can include the Tenant Protector Plan® on some or all of your occupied locations. You can learn more about Tenant Protector Plan® or ask one of our agents when discussing your proposal options.
Need to speak to an agent?
Please give us a call at 888.741.8454 to speak to a licensed insurance professional. If you would like to discuss your specific location, please request an insurance proposal and one of our agents will contact you shortly.
Want to learn more about investment property insurance?
Read one of our articles about insuring tenant-occupied, renovation and vacant properties or go to our Resource Center to learn more about different insurance topics.
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