A condo is a great alternative to living in an apartment or a home, 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 condo insurance policy.
Condominium insurance is unique. Your condo insurance policy covers your personal property and liability, as well as any additions, alterations and improvements you make to your unit that are your responsibility based on the condo association agreement. 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 vacate your condo after a covered loss.
Condo insurance provides coverage for your personal property and much more. For a few more dollars, you can elect to carry Full Value Personal Property which ensures that you are fully reimbursed the replacement value without regard for depreciation after a covered loss.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.
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 regardless of fault. Various limits are available.
Many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. If you have special valuable items such as jewelry, art, antiques or collectibles, 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. Unlike Renters Insurance, Condo Owners Insurance covers any damage done to the interior 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 a specialist at (850) 475-4255 today to determine the right amount of coverage you need to keep your condo insured.