The cost of property insurance covers a number of types of property: rental properties, office buildings, hotels, condos, condominiums, vacation properties, and condominium units.
The type of insurance is based on whether the property is in a rental or office building.
A rental property can only be covered by the rental insurance policy of the owner, not the owner’s policy if the property owner is not in the rental property.
Property insurance for office buildings and condominums, on the other hand, are based on the owners policy.
If the office building is in an office building, property insurance is only available to tenants who are employed by the building or its owner.
If a condo or hotel is a condominium unit, the policy is based upon the owner-employee relationship.
If it is a vacation property, it’s based upon its owner’s rental policy.
In some cases, a property owner may have no insurance coverage at all.
For example, a landlord may be responsible for property insurance for a condo or hotel if they are not in compliance with their tenant agreement.
In these situations, a tenant will be charged a rental property insurance premium and will have to pay an additional $20 to cover the difference between the rental cost and the premium.
For office buildings or condominium properties, there is no insurance for employees.
This is because an office landlord may not be able to deduct the insurance premiums from the rent or the condominium rental price.
Property owners may also have to file an exemption claim, but that may only be for a short period of time.
The exemption claim must be filed within a reasonable period of the time of the property being damaged or destroyed.
If you are in doubt, you can ask the rental agent to review the property’s insurance policy.