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Condominium Owners 101
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:

  • Personal property coverage
  • Optional property coverages
  • Personal liability protection
  • Additional living expenses
  • Additional living expenses
  • Additions and Alterations
  • Loss assessment coverage
  • Deductibles 



PERSONAL PROPERTY COVERAGE

A condominium owners policy provides coverage for your furniture and personal possessions against a covered loss.  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.



OPTIONAL PROPERTY COVERAGE

Every home is different. You may require special coverages for your individual needs. The following coverages can be purchased separately:

  • Broadened Coverage for Contents
  • Contents Replacement Cost
  • Coverage for other Structures such as a carport, detached garage, etc.
  • Water Backup of Sewers and Drain



PERSONAL LIABILITY PROTECTION

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: 

  • while in your condo 
  • caused by your personal activities, including most sports 
  • caused by your children or pets. 



ADDITIONAL LIVING EXPENSES

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.)



ADDITIONS AND ALTERATIONS

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.



LOSS ASSESSMENT COVERAGE

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!



DEDUCTIBLES

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.

 


 

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