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Condominium owners coverage basics

Condominium coverage is available to condominium and co-op owners, and bridges the gap between your condo association's master policy (which insures property owned by all unit owners) and your property and personal liability protection.

The master policy includes coverage for the actual building in which you reside, as well as common property like a pool or gazebo.

Your condominium owners policy offers you the following important protection:

Personal Property Coverage

A condominium owners policy provides coverage for your furniture and personal possessions against such covered hazards as fire, lightning, windstorm, hail, explosion, collapse, smoke or vandalism. This is also called Contents Coverage and it ensures that your damaged or destroyed property is protected...up to the amount of insurance protection you purchase.

Theft protection: the condominium owners policy also protects your property against practically every type of theft loss in your condo or anywhere in the world. Also included is coverage for thefts from your unattended car or boat, even if there is no evidence of forced entry.

Special coverage for important possessions: Most condo policies offer special amounts of coverage for certain types of property. For example,

$200 for money and coins

$1,000 for theft of jewelry, watches or furs

$2,000 for theft of firearms

$2,500 for business property at home.

You can choose to increase these amounts if you like.

Optional Property Coverages

Every home is different. You may require special coverages for your individual needs. The following coverages can be purchased separately:

Broadened Coverage for Contents: provides "all-risk" protection for your possessions. This means that your personal property is covered in most situations, regardless of the cause of loss.

Contents Replacement Cost: pays full cost to repair or replace most personal property in your condo with no deduction for depreciation.

Valuable Items Plus: provides higher limits and worldwide protection for special property such as jewelry, silverware, fine art, furs, cameras, firearms, musical instruments, and home computers for an extended variety of losses. For your convenience, no appraisal or listing of insured items is required.

Additional Coverage Endorsement (ACE): extends protection or increases limits on special types of property (for example: jewelry, firearms, or silverware). This coverage also increases personal liability coverage by $100,000 and includes coverage for personal injury.

Coverage for other structures: you may own other structures that are not part of your basic condo unit (such as a carport, detached garage or storage shed). If these structures are not considered to be common property, they are not covered under your Association's Master Policy. This add-on coverage would insure these other structures.

Personal Liability Protection

Liability coverage is important protection in the event that you are sued for accidentally hurting other people or damaging their property. Personal liability helps to cover the associated legal costs and related damages. Most condo owners policies provide $100,000 (minimum) of financial protection against liability claims and lawsuits brought by others for accidental bodily injury or damage to their property:

while in your condo

caused by your personal activities, including most sports

caused by your children or pets.

Medical payments: Most policies will pay up to $1,000 per person in medical bills -- regardless of your legal responsibility -- when an accident involves bodily injury to others. Higher coverage amounts are available.

Damage to property of others: Should you accidentally damage someone else's personal property while that property is in your care, your condo owners policy will pay up to $500 for each occurrence

Condo Additional Living Expenses

If your unit is damaged and you have to move out while it's being repaired, you're covered! The policy pays for all necessary living expenses (hotel, meals, laundry, etc.)...up to 40% of the contents coverage amount you selected.

Additions and Alterations

Once we move into a new home, we often make improvements. According to your condominium declaration and/or bylaws, 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 are also covered. For example, if you or a previous owner installed built-in appliances, wall-to-wall carpeting, upgraded kitchen cabinets, etc., they are insured up to $2,500 (however, you can choose to increase this amount).

Loss Assessment Coverage

Condominium coverage provides up to $1,000 of protection against financial loss if damage to commonly owned property exceeds the amount of coverage in the Master Policy. If your condo association is forced to assess all unit owners for the additional loss (or for personal liability claims against the association), you're covered!

Choosing Your Condo Deductibles

A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, the lower the cost of your policy premium. The deductible applies to property losses only. Liability protection does not require a deductible.