Condominium coverage is available to condominium and co-op owners, and bridges the gap between your condo association's master policy (which insures property owned by all unit owners) and your property and personal liability protection.
The master policy includes coverage for the actual building in which you reside, as well as common property like a pool or gazebo.
Your condominium owners policy offers you the following important protection:
A condominium owners policy provides coverage for your furniture and personal possessions against such covered hazards as fire, lightning, windstorm, hail, explosion, collapse, smoke or vandalism. This is also called Contents Coverage and it ensures that your damaged or destroyed property is protected...up to the amount of insurance protection you purchase.
Theft protection: the condominium owners policy also protects your property against practically every type of theft loss in your condo or anywhere in the world. Also included is coverage for thefts from your unattended car or boat, even if there is no evidence of forced entry.
Special coverage for important possessions: Most condo policies offer special amounts of coverage for certain types of property.
You can choose to increase these amounts if you like.
Every home is different. You may require special coverages for your individual needs. The following coverages can be purchased separately:
Liability coverage is important protection in the event that you are sued for accidentally hurting other people or damaging their property. Personal liability helps to cover the associated legal costs and related damages. Most condo owners policies provide $100,000 (minimum) of financial protection against liability claims and lawsuits brought by others for accidental bodily injury or damage to their property:
Medical payments: Most policies will pay up to $1,000 per person in medical bills -- regardless of your legal responsibility -- when an accident involves bodily injury to others. Higher coverage amounts are available.
Damage to property of others: Should you accidentally damage someone else's personal property while that property is in your care, your condo owners policy will pay up to $500 for each occurrence.
If your unit is damaged and you have to move out while it's being repaired, you're covered!
The policy pays for all necessary living expenses (hotel, meals, laundry, etc.)...up to 40% of the contents coverage amount you selected.
Once we move into a new home, we often make improvements. According to your condominium declaration and/or bylaws, you may be responsible for interior parts of your unit such as glass, walls and doors.
Additions, alterations and other improvements made to your unit are also covered. For example, if you or a previous owner installed built-in appliances, wall-to-wall carpeting, upgraded kitchen cabinets, etc., they are insured up to $2,500 (however, you can choose to increase this amount).
Condominium coverage provides up to $1,000 of protection against financial loss if damage to commonly owned property exceeds the amount of coverage in the Master Policy. If your condo association is forced to assess all unit owners for the additional loss (or for personal liability claims against the association), you're covered!
A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, the lower the cost of your policy premium. The deductible applies to property losses only. Liability protection does not require a deductible.