Condominium Owner's Insurance
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Why you need a Condo Insurance Policy:
Master policies for condo associations are designed to protect the main structure, not your individual unit.
Master policies insure common areas such as roofs, hallways, and common stairways. Depending on how your association’s documents are written, you may not have coverage for the walls of your unit – including plumbing, electrical wiring, wall coverings or fixtures.
Carefully examine your association’s master deed and bylaws to see exactly what the master policy does and does not cover.
There are other reasons you need renters insurance.
Coverage for Your Unit:
You’ll have up to $3,000 of protection for permanent fixtures and any modifications or improvements you’ve made to your unit. Higher limits are available if needed, depending on how your association documents are written
Personal Belongings - With a unit owner’s policy, your clothing, furniture and other personal belongings are covered against fire, theft and other common causes of loss, not just in your unit, but while anywhere in the world !
Living Expenses – If you must move out of your unit because of an insured loss, insurance will pay for any additional living expenses for as long as necessary (up to the limit stated in your policy).
Legal Judgments – Your insurance will pay for legal judgments against you if your negligence causes:
· Someone’s injury on your premises.
· Damage to someone’s property.
Coverage for Assessments
You could be assessed by your association for costs if a fire damages common property and the association’s insurance isn’t enough to cover the damages. Or if someone is injured on common property and the association’s liability insurance isn’t enough to pay a judgment.
Your policy automatically has $1,000 coverage. (Higher limits are available)
Options Available
Replacement Cost - If, for example, your $500 TV were stolen, standard insurance would deduct for wear & tear. You could be paid only a fraction of the original cost. To replace it at today’s cost of $800, most of it would need to come out of your own pocket.
By adding replacement cost coverage, you’ll be paid the full $800 for repairing or replacing that TV (subject to policy limits and deductibles).
More Coverage – Would you feel more comfortable with extra liability coverage? Or coverage for earthquakes, watercraft, or business exposure in the home? Identity Theft Recovery Costs is another coverage to consider.
You may also need a higher limit on jewelry. You can add or expand coverage for valuables such as jewelry, antiques, works of art, coin or stamp collections, cameras, musical instruments, and computers to name a few.
Take Inventory!
If you’re not sure how much coverage you need, ask for a Household Inventory Record. You can list your belongings and their purchase prices. With this booklet, you can estimate the value of your inventory. Then we can help you select the amount of insurance that is right for you.
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