New London Condo Insurance: What to Consider When Renting Out a Room

New London Condo Insurance What to Consider When Renting Out a RoomNew London Condo Insurance: What to Consider When Renting Out a Room

Purchasing your first home is an exciting venture. Many New London County Homeowners choose to purchase a condo instead of a house, given that in most cases this is more affordable for a first time homebuyer. To reduce costs even more, many people choose to rent out a room in their condo, essentially becoming a landlord.

If you own a condo and are considering this yourself, the first factor you should look into is whether or not your New London Condo Insurance policy will cover renters. In some cases this may be restricted by HOA restrictions in the community itself. Whether or not your New London Condo Insurance policy will cover a renter, there are still many other factors to consider when trusting a tenant to live on your property. The following are some legal issues that have come up in the past for home or condo owners.

  • The landlord fails to give the tenant appropriate notice before entering their unit, thus violating the tenant’s privacy.
  • The landlord fails to provide a safe, habitable home that is in good repair. These can become potential liabilities for your tenant.
  • The landlord rents a unit that contains mold, which can make a tenant ill.
  • The landlord has violated city housing or zoning codes that don’t allow the number of people they are renting to.
  • The landlord charges a security deposit that exceeds state maximums.

In the best scenario, these legal issues could just cause you to lose your tenant. However in the worse scenario, you may be sued for more than you can afford, and/or more than your New London Condo Insurance policy will cover. Even if a tenant does not have the grounds to sue, you can still be faced with extensive legal fees and defense costs if not property insured.

At Byrnes Agency, we will help you get the New London Condo Insurance Coverage you need for any losses you may incur. We’ll also explain in detail what is and is not covered under your policy, and explain when a New London County Renters Insurance policy may be necessary for your tenants. Please contact us today for more information at one of our various locations listed below.

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Dayville Office

Phone: (860) 774-85
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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