Condo Coverages include:
- Personal Property Coverage
Coverage for your furniture and personal possessions against covered risks, such as fire and hail. It ensures that your property is protected up to the amount of protection you purchase. - Theft Protection
Protects your property against many types of theft loss in your condo or anywhere in the world. - Special Limits of Liability for Certain Possessions
Coverage for certain types of property (e.g., coins, watches, furs). - Personal Liability Protection
Coverage for bodily injury and property damage to other people when you or covered residents are legally at fault, as well as legal costs due to a claim or lawsuit for accidentally hurting someone or damaging their property. Usually, condominium policies provide a minimum of $100,000 of coverage. - Medical Payments
Liability coverage can pay up to a specified dollar amount per person for needed medical expenses, regardless of legal responsibility, for visitors who accidentally get injured on your property.
- Damage to Property of Others – if you accidentally damage someone else’s property while in your care, your policy can cover damages up to a specified dollar amount.
- Condo Additional Living Expenses – coverage for living expenses (e.g., hotel, meals, etc.) up to a percentage of the content’s coverage amount you select if your unit is damaged, and you have to move out while it’s being repaired.
- Dwelling, Additional & Alterations – depending on your condo declaration/by-laws or the state where you live you may need additional coverage for additions, alterations, and other improvements made to your unit.
- Loss Assessment Coverage – if a condominium association assesses all unit owners with common property damage, this coverage can provide protection
- Coverage for Other Structures – structures like detached garage or shed may not be considered common property and therefore generally are not covered in an association insurance policy.
