Do I need to get an insurance policy for my condo if I’m renting it out?

TCU Agency, serving Tuscaloosa, AL, wants to help you with your condo insurance needs. Condo insurance is different from regular house insurance, because an HOA is responsible for much of the property around your condo. You are only responsible for the inner portions, not the commonly shared areas. Consequently, the Homeowners Association is required to insure the common areas, while you are only responsible for insuring the part you own. If you own a condo but are not currently living in it, you may be looking at what your responsibilities would be if you rented it out.

Your Duties as a Landlord

In Alabama, you have a duty as a landlord to make your rental property safe and habitable. Your place will need to meet all health and safety codes. If anything goes wrong, you will need to make any repairs to make your property safe and livable again.

Your Rental Contract

You can have a rental agreement where you require your renters to have their own insurance. It is possible that the rental agreement may be enforced instead of state law, unless the parties have agreed to something illegal. But the insurance they can get as renters will only cover personal property. Courts don’t enforce contracts where the parties agreed to something illegal. Because Alabama specifically gives landlords certain responsibilities, a contract cannot change that obligation.

You will need to maintain insurance on your condo even if you’re renting it out, in order to make sure that any major damages are covered. If you want help with your current insurance needs for your condo, contact TCU Agency, serving Tuscaloosa, AL.