Condominium insurance is unique. Your condo insurance policy covers your personal property and liability, as well as any additions, alterations and improvements that are included in your unit. Some may be your responsibility based on the condo association agreement.
Optional loss assessment coverage is also available to protect you against certain assessments that may be levied by the association. You can 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 Personal Property Replacement Cost 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.
Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments.
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.
Many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. If you have special valuable items such as jewelry, art, antiques or collectibles, ask about Valuable Articles which provides broader coverage and no deductible in the event of a covered loss.