If there is a condo association you need a Condo owners policy.
Don’t Risk It
Many condo owners don’t realize that they have a lot to lose, whether it’s personal belongings or loss due to legal liability. For instance, fire damage can wreak havoc on any condo owner’s life—from smoke damage to walls and windows, to the total loss of furniture and flooring, to injuries endured by guests. As a condo owner, when these emergencies occur, you may need a temporary place to stay, or even financial assistance to return to your normal standard of living. It’s surprising how much is at risk without proper insurance for your personal liability and personal belongings.
Read below for more information on some of the basic coverage options that make up a condominium policy. You can also read about enhancing your policy with Optional Coverages and Scheduled Personal Property. For example, do you own specific high-value items like expensive computer or stereo equipment? If so, you may want to insure them with an Optional Coverage. Shop Around Insurance has the coverages that may be right for you.
Protect Your Condo
Building Property Protection
This protection covers items which are situated within your home—for example, fixtures, construction materials and supplies.
Personal Property Protection
Your condo is more than just the walls of your unit; it also includes all of your personal belongings, big and small. Personal Property Protection provides protection against covered loss to movable property like a stereo, bicycle, furniture or clothing.
Protect Yourself and Others
Family Liability Protection
If a friend or neighbor was accidentally injured on your property, did you know you could be legally obligated to pay? Family Liability Protection provides protection for insured persons who become legally obligated to pay for covered accidental bodily injury or property damage to others. This protection does not cover auto liability claims.
Guest Medical Protection
Unfortunately, sometimes accidents happen. Guest Medical Protection provides protection for your guests, who are accidentally injured on your property as a result of a covered loss. This protection pays for the reasonable and necessary medical expenses they incur, regardless of who was at fault.
Additional Living Expenses
If a covered loss occurs to your condo and you’re forced to quickly find alternative housing, Additional Living Expenses can help. If a direct physical loss makes your home uninhabitable, Additional Living Expenses reimburses you for a reasonable increase in living expenses necessary to maintain your normal standard of living, up to the amount of time specified in your policy. This may include payments for the additional costs of a place to stay, food, and/or other increased living expenses.
Scheduled Personal Property
If you’d like to protect certain items in your condo beyond the limits provided by what’s included in your condo policy or an Optional Coverage, for an additional premium, Scheduled Personal Property Coverage can provide increased protection for your personal property including, but not limited to: jewelry, watches, furs, stamp and coin collections, fine arts, cameras, personal computers and sports equipment. Ask me if Scheduled Personal Property Coverage is right for you.
If you’d like to purchase additional coverage for specific items of value in your condo, like jewelry or a computer, you may want to consider personalizing your policy with Optional Coverages.
Loss Assessments Coverage
You could be responsible for paying additional assessments out of your own pocket if your association’s insurance isn’t enough. Loss Assessments Coverage provides protection for your share of special assessments charged by a property owners association against all building owners.