Condo insurance is designed to help you recover from both property and liability losses. Property coverage includes claims such as fire, windstorm, theft, and vandalism. Liability coverage will protect against lawsuits arising from injuries sustained by someone on your property, or by your actions away from your property. This can include claims such as slip and fall accidents and dog bites.
CONDO INSURANCE STANDARD COVERAGE PARTS:
The portion of the primary structure for which you are responsible, as stated in your association bylaws.
Detached structures such as a garage, pool, shed, or gazebo.
Your contents, personal belongings.
Loss of Use
If a claim prevents you from living in your unit during repair or re-construction, this is the amount the company will pay to provide you with alternate housing and additional living expenses.
Provides defense for lawsuits arising from injuries sustained by someone on your property or by your actions.
Medical Payments to Others
Provides payment for emergency medical expenses arising from injuries sustained by a visitor on your property.
CONDO INSURANCE OPTIONS
Scheduled Personal Property Endorsement
Provides additional coverage, with or without a deductible, for special items such as jewelry, money, furs, antiques, guns, fine arts, cameras, sports equipment. Most homeowner policies limit coverage for these and other items, especially those that tend to appreciate in value or are not easily replaced. Endorsing the policy allows these items to be properly covered.
Water Back Up/Sump Pump Failure
Most policies limit or exclude losses caused by water or sewage backing up through the main drain, or as the result of a sump pump failure. An endorsement can be purchased to cover your home and contents for this type of claim. Coverage amounts vary, and certain restrictions apply.
Provides reimbursement of expenses incurred as a result of identity theft and helps to restore your credit rating.
Business Property in the Home
Many policies limit coverage for claims on personal property used for business. For example, laptop computers are frequently used for both personal and business; however, business use of a computer in the home will limit payment of a claim. Taking the computer out of the home could restrict or void coverage. Increasing business property limits can ensure proper coverage.
Ordinance or Law
Pays for the increased costs incurred in order to comply with the enforcement of local ordinances or laws, which regulate construction, repair or demolition of the property. (Covers cost to bring the undamaged portion of the home up to current code).
Liability and/or physical damage for owned boats, golf carts and other recreation vehicles.
Liability for other owned properties such as seasonal homes or rental homes.
Pays your share of a loss assessment charged to you by the condo association.
Condo policies do not include losses by flood. A separate policy is required. Flood insurance premiums are regulated by the federal government, and are based on the amount of coverage purchased and the location of your condo.