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What Happens if a Renter Burns Your Condo Down?

What Happens if a Renter Burns Your Condo Down?

Before renting out your condo, review the condominium complex's covenants, conditions and restrictions (CC&R) to better understand your rights and responsibilities regarding the unit. Consult with your insurance company to make sure you have the proper coverage should your renter burn down the unit.

Condominium

    Condominium ownership is different from owning a house. With a house, the homeowner owns the land and improvements on the land. With a condominium, the owner owns the air space occupied by the condominium unit, along with an undivided share of the common areas, such as the swimming pool. Rights and responsibilities regarding the condo use and common areas are expressed in the complex's CC&Rs.

Association Rules

    Restrictions and responsibilities regarding owners of condominium units vary by association. Each association has its own set of rules, governed by a condominium association and board, elected by the condo owners. Referred to as the covenants, conditions and restrictions (CC&Rs), this document listing the rules should be requested and read prior to purchasing a condominium. CC&Rs might restrict how an owner can rent out the property, whether pets are allowed and other restrictions. The rules typically specify who is liable in case of fire. A common provision for many associations is that the owner is responsible for repairing the damages if her tenant burns down the unit.

Owner's Insurance

    Before renting your condominium unit, or any property, consult with your insurance carrier to make sure you have the proper property insurance in place -- enough to pay for any repairs for which you might be liable. If you fail to inform your insurance company you are renting out your property, you may discover you are not insured should your renter burn down the property. If the condominium rules make you responsible for the repairs, being uninsured can be financially devastating.

Tenant Insurance

    When a renter burns down a condominium, it might turn into a fight among insurance companies, each claiming another party is responsible. The complex's insurance company might claim it is the responsibility of the condo owner's insurance company, while the condo owner's insurance carrier might claim the tenant's insurance company should pay for the damages. To protect yourself, require your tenant to carry renter's insurance, and consult with your insurance agent to verify the tenant's policy provides sufficient coverage should he burn down your unit.

Cause of Fire

    The cause of the fire might determine who has to pay for the repairs. Under the terms of the CC&R, if the tenant is responsible for the fire -- whether it be the result of negligence or an innocent accident such as an electrical malfunction by an appliance owned by the tenant -- the condo owner is typically responsible for repairs. From the perspective of the condo owner's insurance carrier, the condo owner or tenant might be responsible, depending on the owner's policy terms.


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