I own a few condos in Florida(Orlando, Jacksonville), all rented out .

Asked by J.y., Outside U.S. Sat Oct 19, 2013

I wonder whether I really need to buy condo insurance to cover the condo internally?
It means an extra cost for me, being an investor. Is it neccesary? Please advise.

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Donald Steve…, Agent, Fontana, CA
Tue Oct 29, 2013
Two words, "Liability Exposure". If you can afford to take the risk of repairing the interior then maybe you dont want to buy insurance for 25-50,000 of coverage for the interior of the building. However a $250 premium a year sounds like a small amount of money to cover $25,000 in damage. If the $250 in premium sounds high then you should definitely buy the insurance because the risk of not having it is way greater. The more important concern is the $1,000,000 lawsuit you could find yourself in if someone gets hurt on your property. Even banks carry insurance on their properties because transferring the risk is less expensive than retaining the risk. We know because we insure them.
1 vote
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Sat Oct 19, 2013
All depends on how much risk you are comfortable with. If nothing happens you save a few bucks. If there is a fire or other big claim happens, you spend a bundle to get it fixed. We assume you have liability insurance, that is a must.
1 vote
Gary Geer, Agent, Antioch, IL
Sat Oct 19, 2013
Interior insurance is a must to protect your investment. In addition, your tenants should have renters insurance to protect their personal property.
1 vote
Abraham Bidh…, Agent, Orlando, FL
Sat Oct 19, 2013
Hi J:

Aside being a Realtor I am also an investor and in my opinion as an investor it is absolutely critical to have content insurance to protect yourself. I would also get liability insurance to protect yourself against claims if god forbids one of your tenants gets injured inside the house.
My philosophy is it is always better to be safe than sorry :)

Hope this helps.

Abraham Bidhendi
Top Producer Realtor® with over 26 years of experience
Awarded as Exit's TOP Buyer side Transactions for the State of Florida
We have had 142 successful transactions during the past year alone.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com
Website: http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
1 vote
Leonardo Diaz, Agent, Orlando, FL
Sat Oct 19, 2013
We require all of our tenants to get renters insurance, its very inexpensive and give the tenant and the owner an extra piece of miind.

Leo Diaz
Lic Real Estate Broker
Orlando Property Management Realty.
1 vote
Yes you need insurance.
Flag Sat Oct 19, 2013
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sat Oct 19, 2013
you need to quit claim deed them into LLC's or get umbrella insurance
0 votes
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