Types of coverage: Condominium
The importance of going beyond contents coverage
If you insure only your possessions to complement the insurance on the building structure purchased by your condo association, you could expose yourself to significant risks. Our Home policy can be written to exclude the structure while providing superior protection against a broad range of these risks.
- Additions and alterations. Almost all condo association policies exclude the improvements you make to your unit, such as adding stone countertops, custom built-in cabinets, or upgraded lighting fixtures and appliances. Our policy promises to pay the full cost of replacing these improvements after a covered loss.
- Loss assessments. Condo associations typically have the power to assess each unit owner for losses that the association must pay. Since assessments can be in the tens of thousands of dollars for each unit owner, our policy promises to pay up to $50,000 for assessments due to covered losses.
- Personal liability. Don’t assume that your condo association’s insurance will pay if someone sustains an injury in your unit and sues you. Our policy provides options for $300,000, $500,000, and $1 million in personal liability coverage.
- Additional living expenses. We will pay your additional living expenses if you must live elsewhere while your condo is being repaired due to a covered loss. Your condo association’s insurance may not.
Of course, when it comes to covering the contents of your condo, our policy provides superior coverage, too.
- Replacement cost for contents. We do not apply depreciation to furniture, clothing, and your other possessions. Buy new replacements of similar type and quality, and we will reimburse you.
Visit our Home policy page to discover the additional coverage features that will benefit you as a condo owner.
To learn more, please contact one of the independent agents or brokers that represent us. Click on Find an Agent to locate one near you.