Renting Your St Louis Condo: Insurance Coverage You Need

A condo in St Louis can be a valuable asset. Along with being a great way to enjoy living in the city, it can also generate income. Renting your St Louis condo can be lucrative if allowed by the building by-laws..

As much as renting out a condo can be a good investment, there is a lot to consider. One crucial point is carrying the proper insurance coverage. This post will consider the insurance concerns of renting out a condo in St Louis.

Insurance for Renting Your St Louis Condo

Long-Term Rentals

Your insurance needs change when you sign a lease to rent your condo. Standard condo insurance no longer applies. As a landlord, you will likely need dwelling or landlord insurance.

This type of policy covers the condo’s interior similarly to condo insurance. It could cover damage to flooring or sheetrock. The policy will also cover appliances. However, you will need to adapt the policy depending on the master policy of the HOA.

A landlord policy should also have liability for injury. The policy can cover medical and legal expenses if the tenant or a guest suffers an injury.

Some policies may also cover loss of income if you can’t rent the property out for a time. For example, the unit might need extensive repairs that exclude the possibility of renting. The policy might cover some or all of the lost rental income in this situation.

Short-Term Rentals

Short-term rentals in lofts and condos are governed by the building by-laws.  Condo buildings typically have very restrictive guidelines for short term rentals.  Specifically, they are not allowed.  Buildings require a minimum lease period of 12 months with a couple of buildings allowing for 6 month rentals.  Another key question is whether you can actually rent the unit.  There are some buildings downtown where only the owners who purchased from the develop can rent their unit.  Ask your Realtor for clarification on your ability to rent your unit and for how long.

Renters Insurance

It is important to note that landlord policies do not cover tenants’ possessions. Some landlords may require tenants to carry renters insurance. This policy will cover the tenant’s possessions against damage and theft. Requiring coverage can help you avoid disputes with tenants.

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