Condominium Owners Coverage Basics
As a condominium or co-op owner, you have unique requirements for protecting your property, because your building and your individual unit have separate needs. While your condo association may have an insurance policy, only a condominium policy 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. So you can rest assured you're personally protected.
- Personal Property coverage
- Personal Liability protection
- Additional Living expenses
- Additions and Alterations
- Loss Assessment coverage
Condominium Owners Coverage Basics
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.
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