What is Condo Insurance?
There are two main reasons to purchase Condo Insurance:
- To protect your property and assets. The general purpose of condo insurance is to provide coverage for the interior of your unit, personal belongings, as well as protect you against liability claims.
- To meet your mortgage lender’s and Condo association’s requirements. If you have a mortgage, your mortgage lender typically requires you to have a condo insurance policy. Every condo unit usually is a part of Condo Association and has to provide a proof of insurance to the Association.
Common coverage options:
Personal Property Coverage protects your personal assets not just in your condo unit, but wherever they may be in case of covered loss.
Building Coverage provides coverage for the interior of your condo unit, alterations and improvements you make that are your responsibility based on the condo association agreement (sometimes called Bylaws).
Loss of Use covers your additional living expenses if you have to relocate temporarily after a covered loss.
Loss Assessment Coverage is part of basic policy. Be sure to read the association agreement to determine how much coverage you need.
Medical Payments Coverage will pay for medical expenses incurred by a visitor who is injured in an accident that happens at your premises regardless of fault.
Personal Liability Coverage protects you and your immediate family members against bodily injury and property damage liability claims and any litigation that may result subject to the limits you select. This is a worldwide coverage.
Be prepared for the loss
Make an inventory of your home and personal belongings. If possible, make a list as well as take photos or video — using two inventory methods can help expedite the claim resolution process. Keep this list somewhere other than your home. Keep in mind that your policy does not cover damages caused by poor or deferred maintenance on your part.
For even more protection, consider adding endorsements and extra features. Talk to us and the best policy will be tailored for your property. Call our experts at 708-433-7777!