A condo is a great alternative to living in an apartment or a house, and can offer more space, more living area, and more amenities. But since a condo is a special kind of residence, it requires its own unique type of insurance policy.
Condominium Associations have strict written agreements about your duties as an owner. Your condominium insurance policy covers your personal property and any additions, alterations and improvements you make to your unit that are your responsibility, based on the condo association agreement. Condominium insurance protects your belongings, and mitigates any liability.
Condo insurance already provides coverage for your personal property and much more. For a few more dollars, you can elect to carry “Full Value Personal Property” coverage, which ensures that you are reimbursed the full replacement cost value of anything that was damaged, without factoring in depreciation.
Be sure to consult your HOA agreement to determine what the Association policy covers, and what you are responsible for. If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy.
Optional “Loss Assessment Coverage” is also available to protect you against certain assessments that may be levied by the association. You would be compensated for additional living expenses incurred should you need to move from your home in the event of any damages that are covered by your policy.
Your condo insurance policy protects you and your family members against bodily injury, property damage liability claims, and any litigation that may result, subject to the limits you select. In addition, you can select “Medical Payments Coverage” which will pay for medical expenses incurred by a visitor who is injured at your residence,no matter who is to blame. You choose the limit.
Many people supplement their condo insurance coverage with “Personal Umbrella Liability Insurance” for even greater protection. If you have special valuable items such as jewelry, art, antiques or collectables, ask about our “Valuable Articles” option which provides broader coverage and no deductible in the event of a covered loss.
With “Condo Insurance Services”, you can extend your protection past that of what your condo community provides. It helps pay for the replacement of your personal belongings, while offering basic liability to cover bodily injury or property damage.
Condo Owners Insurance covers any damage done to the inside of your unit. For any interior damage, your insurance may be used to pay for the expense of fixing or replacing items like drywall, flooring, light fixtures, and more.
Contact one of our insurance specialists today at (248) 653-0050 to determine the right policy you need to keep your condo properly covered against losses and liabilities.