Many people who own condos consider their property to be an income generator rather than a primary residence. If you are among them, and have purchased a condo as an investment rental unit, you should be aware that there are added requirements attached to your ownership.
For example, if your property becomes vacant from time to time, you should alert your insurance company. A temporary adjustment to your homeowner’s policy may be implemented during the time the condo is unoccupied, because there is increased risk of undetected damage due to break-ins and/or vandalism, extreme weather, or utility failures such as plumbing leaks and electrical short-circuits.
In fact, in some cases, an insurance policy may be cancelled outright if the insurer has not been notified that the property is vacant, or if a supplementary policy has not been taken out, possibly with a secondary insurance provider. Of course, such coverage will likely change your premiums during the time your condo is unoccupied, but you will be in a much more secure position knowing you are covered for unexpected events during the time you don’t have a tenant.