What it Does!  Condo Owner's Insurance protects your possessions and the condo's unit interior improvements from loss by theft, fire, lightning, tornado and other perils. Condominium Unit Owner's Insurance also provides financial compensation to help after an insured loss if you are displaced from your residence. Condo Insurance additionally includes Personal Liability protection from lawsuits caused by accidental damage or injury that you, your family members or your pets cause.

 

 

Contents & Unit Improvements - Provides protection for your clothes, furniture and other possessions at your residence. Condo Insurance also covers damage from insured perils to your interior improvements of your condo unit such as built-in appliances, floor and wall treatments, cabinets and other parts of your unit that are not common property. Contents & Unit Improvements coverage is available either on an "Actual Cash Value" basis or at "Replacement Cost." Perils include: Fire, Tornado, Burglary, Lightning and Vandalism among others.

 

Note: The unified quantity for both contents and unit interior improvements is a standard feature of Condo Unit Insurance. To ensure an adequate total amount of insurance protection, calculate your contents amount and your unit's interior improvements separately, and then add them together.  

 

Off-Premise Contents - Worldwide protection of your personal property away from your residence. Generally this is limited to 10% of your contents coverage. An example would be a theft at a motel when you are on a vacation.

 

Loss of Use / Living Expenses - Pays for additional expenses you incur if you are displaced after an insured event (example: apartment fire) because your residency is not habitable. Generally, this is limited to 20% of your contents coverage.

 

Personal Liability - Protects you from lawsuits caused by accidental property damage or injury caused by you, your family members and acts of your pets. An example would be your dog getting loose and biting a neighbor's child.

 

Guest Medical - Provides for medical payments for other people injured at your residence. Generally, this is limited to $1000. An example would be a visiting friend slips on your entry rug and breaks an arm incurring a $500 emergency room bill.

 

Condo Loss Assessment - Provides coverage, after a separate deductible, for damage assessments after an insured loss by the condo association. Typically, a condo unit owner is liable for a portion of the condo association's property deductible.

 

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