Condominium insurance is unique. Your condo insurance policy covers your personal property and liability, as well as any additions, alterations and improvements you make to your unit that are your responsibility based on the condo association agreement. Or if you rent your condo out you own to somebody else.
Optional loss assessment coverage is also available to protect you against certain assessments that may be levied by the association. You would be compensated for additional living expenses incurred should you need to vacate your condo after a covered loss.
Condo insurance provides coverage for your personal property and much more. For a few more dollars, you can elect to carry Full Value Personal Property which ensures that you are reimbursed full replacement value without regard for depreciation after a covered loss.
If you have upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments. Be sure to consult your HOA agreement to determine what the Association policy covers and what you are responsible for. If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy. A common phrase is you need to protect yourself from the WALLS-IN.
Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments. We can help you determine your coverage needs to make sure you’re properly covered. Your HOA master policy usually does not include earthquake. Also a large deductible can be assessed to owners. Make sure you have this covered.
Protect Yourself and Your Guests
Your condo insurance policy protects you and your family members against bodily injury and property damage liability claims and any litigation that may result subject to the limits you select. In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available. Limits of 100,000 to 1 million are available.