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Condo Rental Can Be Risky Business
If you live near the Gulf Coast Texas, you realize that our local economy relies heavily on tourism and related challenges. At some times of the year, like spring break, we tend to confuse “tourism” with “terrorism.” Frankly, I don’t mind tourists, as long as they don’t slow traffic or create long lines at my favorite restaurants. I in fact welcome them as renters in my condo.
Income from tourism is a great incentive to be a condo owner. It’s easy to get big dollar signs in your mind when you think about weekly rental and your occupancy rate. But make no mistake – condo rental can be a risky business, especially since you will probably never meet your temporary tenants before or during their stay. It is possible, however, if they cause enough damage, you might meet them in court sometime in the future.
To be fair, the odds are that you probably will not have problem tenants, but the risk is that you will . . . especially during times like spring break. The question is, “Are you protected against that risk?” If you don’t have the right features in your condominium insurance policy, you are probably not adequately protected.
Unless you inherited your condo from your uncle Ted, you paid – or are paying – a pretty penny for it. Either way, it’s valuable. Can you really afford the risk of having to pay out-of-pocket for damages caused by people you don’t even know? Yes, your HOA or condo association has insurance, but you should read it carefully to determine how much of your property it covers – or does not. Most association policies cover common areas only, and little or nothing within the walls of your condo.
Spring break is not the only time your condo is at risk of damage from accident or vandalism. Which reminds me – Bike Week is coming up. Do you have any idea what it will cost to get those skid marks on your carpet removed?
What measures does your community take to handle spring break crowds?