Get the coverage you need for your apartment or condo.
Condo unit insurance to protect you and your family.
The master condo policy typically insures only the shell of your unit, leaving your personal property and the unit interior at risk. Our agents can help you determine the proper insurance your condo unit requires.
What does condo insurance cover?
Your condo association’s insurance policy likely covers certain common areas of your condo, like the roof and exterior walls. Condo association master policies also don’t typically pay for improvements you make or fixtures you add to the condo. Condo unit insurance is designed to make up for these shortfalls. For more information on what building elements your required to insure visit our blog Why Do I Need Building Insurance for My Florida Condo Unit?
Covering your personal property.
Condo unit insurance covers your personal belongings inside your condo unit. That means most personal belongings from your appliances to your clothes can be covered in the event of a loss. Without it, you would have to replace your lost or damaged possessions out-of-pocket. Condo insurance also covers damage caused by theft, fire, wind, lightning strikes, and frozen pipes. It’s important to note, however, that condo unit insurance does not usually cover flooding.
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Any betterments, improvements, alterations, or additions made to your condominium are subject to damage. However, it’s important to make sure they’re covered appropriately.
Be sure to obtain coverage for any betterments, improvements, alterations, and additions made to the unit. This includes, but is not limited to, kitchen cabinets, built-in wall units, wall-to-wall carpeting, wallpaper, paint, bathroom fixtures, tile and wood flooring, and more.
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm, and more.
Personal property, such as furniture, rugs, TVs, stereos, clothes, and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles, and other valuables should likely be insured separately.
Additional living expenses can be incurred if there is damage to your unit due to a fire, storm, or other event resulting in your need to live at a temporary residence.
Ensure you have the proper coverage in case you need to live elsewhere for a little while. Coverage usually includes hotel bills, restaurant meals, and other living expenses incurred while your residence is being repaired or rebuilt.
You're responsible if a guest in your unit trips and falls or sustains an injury while on your property or if you cause damage to other units.
Be sure that you have coverage for claims made against you for bodily injury or property damage caused by your negligence, whether intentional or not. This might include damage to other units in the building, perhaps caused by a leaking pipe in your unit or otherwise.
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
If your building owner or association suffers a loss and doesn't have adequate insurance coverage of their own, they may require you to help pay for the loss via an assessment.
Consider loss assessment coverage to protect yourself in the event of an assessment caused either by a property (building) or liability loss. A range of limits may be available.
Physical damage can happen in many ways. As one example, suppose a fire unexpectedly breaks out in the utility closet and consumes the building causing significant damage.
Be sure your condominium owner, association, or corporation carries a comprehensive policy to cover the risk of physical damage. It’s important to know what the policy includes and what it doesn’t, which could range from covering just the shell of the building to including things like floors and walls.
Liability coverage options.
In addition to property coverage, condo policies may also include liability coverage. For example, if a guest is injured in your condo, it will pay for their medical expenses. It can also cover you in the case of a lawsuit if you are responsible for damages to another condo property. Living expenses may also be covered if there is damage to your condo unit that renders it unlivable.
Getting you the coverage you need for your condo.
It can be confusing to figure out exactly what coverage you need for your condo unit, so we will work with you to find the condo insurance policy that’s right for you. On top of that, we can show you just how inexpensive condo insurance is in comparison to the potential costs of replacing your personal belongings out-of-pocket.
We make the process straightforward and simple, going over what your condo association doesn’t cover and how your policy can fill in the gaps. Contact us today to discuss your condo insurance options.
The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.
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