Condo insurance includes personal liability coverage, which can provide coverage if someone gets hurt while visiting.
What is covered by a condo insurance policy? You may ask.
This coverage may help bridge the gap between your condo association’s insurance policy and what’s your responsibility. The condo association’s insurance policy may provide protection for damage to the physical structure of your condo unit, and common property of the condo association. Your condo insurance policy can cover your personal belongings and items in your home, and can also provide personal liability coverage.
Personal Property Coverage
A condominium unit owner policy can provide coverage for your furniture and personal possessions against covered risks, such as fire, lightning and hail. Also known as “contents coverage,” it can help ensure that your property is protected up to the amount of protection you purchase.
The condominium unit owner policy can also protect your property against many types of theft loss in your condo or anywhere in the world. Also included is coverage that can pay for theft from your unattended car or boat.
Special Limits of Liability for Certain Possessions
Most condo policies include special limits of liability for certain types of property. For example, $200 for money and coins, and $1,000 for theft of jewelry, watches or furs. You generally can choose to increase these amounts.
Personal Liability Protection
If a claim is brought against you or you are sued for accidentally hurting other people or damaging their property, liability coverage can help to cover the associated legal costs and related damages. Most condo unit owner policies provide $100,000 (minimum) in personal liability coverage for covered bodily injury and property damage sustained by others for which you or covered residents of your household are legally responsible.
Most liability coverage can pay up to $1,000 per person in necessary medical expenses — regardless of your legal responsibility — for guests who are accidentally injured on your property. It also can provide coverage in other situations as well. Higher coverage amounts are available.
Damage to Property of Others
Generally, should you accidentally damage someone else’s personal property while that property is in your care, your condo owners policy can pay up to $1,000 for each covered occurrence.
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Condo Additional Living Expenses
If your unit is damaged and you have to move out while it’s being repaired, loss of use coverage can help. The policy can pay for additional necessary living expenses (which can include hotel, meals, laundry, etc.), up to a percentage of the contents coverage amount you selected. This is subject to coverage terms and limits.
Coverage for Other Structures
You may own other structures that are not part of your condo unit, such as a carport, detached garage or storage shed. If these structures are not considered to be common property, they generally are not covered under your association’s insurance policy. Coverage options may be available as part of your condo policy.
Loss Assessment Coverage
Generally, condominium insurance can provide up to $1,000 of protection if damage to commonly owned property exceeds the amount of coverage in the condominium association’s insurance policy. If your condo association assesses all unit owners for the additional loss (or for personal liability claims against the association), this coverage can help. This amount may be increased.
Dwelling, Additions and Alterations
A condo unit owner’s policy can also provide coverage in other situations as well. According to your condominium declaration and/or bylaws, and/or the state where you live, you may be responsible for interior parts of your unit such as glass, walls and doors. Additions, alterations and other improvements made to your unit can also be covered up to the dwelling coverage limit.
Broadened Coverage for Contents
Special personal property coverage provides “all-risk” protection for your possessions. This generally means that your personal property can be covered when damaged in many situations, regardless of the cause of loss. This is subject to coverage terms and limits.
Contents Replacement Cost
Personal property replacement cost loss settlement provides for settlement of covered personal property losses based on replacement cost at the time of loss, with no deduction for depreciation. The coverage is subject to applicable policy limits and deductibles, and special limits apply to certain items such as jewelry, watches and furs.
Valuable Items Plus
Valuable items plus provides protection for special property such as jewelry, fine art, musical instruments, and home computers for an extended variety of losses and can provide higher limits of coverage. For your convenience, no appraisal or listing of insured items is required.
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