Brandon, FL, condo owners who own expensive personal belongings and/or have customized their units to add expensive upgrades (such as smart home systems and custom finishes) may find that a regular condo insurance policy doesn’t meet their specific needs. While condo insurance covers personal property, appliances, and the condo interior from a range of risks, normal insurance policies have limits that can preclude some homeowners from claiming full compensation.

How is High-Value Condo Insurance Different from Regular Condo Insurance?

High-value condo insurance is designed to meet the needs of pricey condos. It covers expensive personal assets that a regular policy may not cover. It offers ample compensation for stolen or damaged items. What’s more, high-value insurance has higher loss-of-use compensation limits than regular condo insurance policies. This allows luxury condo owners to maintain their current lifestyle while their condo is being repaired after a covered peril. 

High-value condo insurance also allows you to choose replacement cost value coverage instead of actual cash value coverage. This means that your insurer will cover the full cost of buying new interior materials or appliances, instead of just compensating you based on the depreciated value of your old materials and/or appliances.  

Need More Information? Runnels Insurance Can Help

Do you want to find out if your Brandon, FL, condo qualifies for high-value home insurance? Are you wondering which personal items will be covered and how you’ll get compensation? If so, call us at your convenience to find out more about our high-value condo insurance policies. Our team at Runnels Insurance is always happy to answer questions, help you find great coverage, and help you add custom riders to your new policy to suit your exact needs. 

Brandon, FL, is home to a number of well-known tourist attractions, including Dinosaur World, Galactic Playgrounds, and the FR Bottle Shop. Renting out your condo during peak tourist season can be a great way to earn a bit of extra money, but it can get problematic if you don’t have the right insurance coverage for a short-term rental.

What About Condo Insurance?

Condo insurance is designed to cover owner-occupied condos. Your insurance company can deny coverage for accidents and property damage that occur when you have short-term tenants staying in the home. In fact, many insurance companies will cancel your condo insurance coverage if they find out that you’re renting your home out to tenants, even on a short-term basis.

What are the Options?

Airbnb’s AirCover program offers insurance coverage for short-term landlords. It covers liability, property damage, and the cost of additional deep-cleaning after a guest leaves. However, it doesn’t cover loss of rental income if you have to pull your condo listing while repairs are ongoing. It also doesn’t cover the theft of certain personal belongings. 

Various insurance agencies offer coverage for short-term condo rentals. Covered perils vary, as do coverage limits. These policies often cover more than Airbnb’s AirCover Program. If you rent out your condo regularly, you may want to consider short-term condo rental insurance to ensure your property is fully protected at all times.

Call Our Team at Runnels Insurance for More Information

Do you need condo insurance for a short-term rental in or around Brandon, FL? Our team at Runnels Insurance can help you out. We carry multiple policy options and our staff members are always happy to answer questions and provide personalized assistance. Call us to find out more or to start the process of buying short-term rental coverage.