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Protect Your Home With Condo Insurance
When purchasing condominium insurance, it’s very important to coordinate coverage’s provided by an association policy with those provided by your individual condo insurance policy. While each condominium association insurance policy will vary in coverage’s provided, most provide liability coverage for common areas and building coverage for selected portions of your structure. Many association policies provide coverage for exterior walls, the roof, as well as interior load-bearing walls within your structure. Building a properly structured condominium insurance policy will entail matching up individual coverage’s with those provided by the association policy to make sure there are no gaps or overlaps in coverage.
Condominium Insurance Coverage’s
Condominium Liability: Similar to liability insurance on a home or renter’s insurance policy, liability coverage is designed to protect you against unintentional acts or the acts of your pets that cause bodily injury or property damage to others.
Building Property: This coverage is used to insure building property that is not covered by your condo association policy. Common building property items include coverage for non-load bearing walls, carpet and permanently attached appliances to name a few. Please note, this coverage does not apply to mechanical breakdown of appliances, which generally falls under a home warranty policy.
Personal Property: Personal property is sometimes defined as all property not classified as building property and like personal property coverage’s on a renters or home insurance policy, certain coverage’s such as jewelry are subject to sub-limits.
Loss Assessment: Loss assessment is a great coverage that protects you in the event a loss is assessed against all owners within an association. This can result from a claim not being covered or one that exhausted the limits of the association policy, causing each owner to share in a potential loss.
Additional Living Expense: Pays to provide for additional living expenses incurred as a result of a covered loss.