Condo & Renter's Insurance

Condominium and Renters insurance policies are important to have. Owning a condo is a big investment that should be protected. Similarly, renters should not expose themselves to the loss of all their belongings in the event of a break in or fire. Whether you are satisfying your landlords requirements or buying a new condominium, our office will work to find you the most comprehensive and affordable policy in the marketplace. We will work with you to study your homeowner association contract to ensure that you have a policy that complements your contract. Give us a call to speak to an agent or fill out a quick quote and one of our agents will contact you.

 

Basic Coverages Typically Included in a Condominium Policy

 

Coverage A (Building Property): Covers items of real property in your unit such as building additions and alterations, installations or additions which are part of your unit. Examples of this are flooring and countertops.

Coverage B (Personal Property): Covers your personal property such as clothes and furniture. Depending on the carrier, coverage may be included for personal property with you while away from home.

Coverage C (Loss of Use): Should there be a loss and your home become uninhabitable, Loss of use coverage will cover the necessary increase in cost to maintain your standard of living.

Coverage D (Loss Assessment): Covers unit owners in certain instances if they are assessed by the association for a loss that occurred on common grounds.

Coverage L (Liability): Covers your personal liability for accidents that may happen at the home or at the hands of the homeowner within the policy territory. This protects you if others make a claim or bring suit against you for bodily injury or property damage.

Coverage M (Medical): Covers medical expenses for visitors who are accidentally injured on your premises.

 

 

Basic Coverages Typically Included in a Renters Policy

 

Coverage B (Personal Property): Covers your personal property such as clothes and furniture. Depending on the carrier, coverage may be included for personal property with you while away from home.

Coverage C (Loss of Use): Should there be a loss and your home become uninhabitable, Loss of use coverage will cover the necessary increase in cost to maintain your standard of living.

Coverage L (Liability): Covers your personal liability for accidents that may happen at the home or at the hands of the homeowner within the policy territory. This protects you if others make a claim or bring suit against you for bodily injury or property damage.

Coverage M (Medical): Covers medical expenses for visitors who are accidentally injured on your premises.

 

 

Key tips on Condo Insurance

 

Condo owners are typically responsible for insuring only a portion of their property; however, the rules and requirements differ and are contingent upon the building complex that you live in. It is important to ask the right questions and make sure that you have proper protection. Here are three things to know about condo insurance.

 

ONE: Check the Master Condo Association Policy

Many condo owners believe that the monthly HOA Fees paid contribute to insurance for the building and therefore, they do not need any insurance. This is not entirely true. The dues paid contribute to an insurance policy that covers the common areas of the complex such as the building exterior, hallways, garage or pool. The association’s rules should clearly spell out what type of insurance they have in place and consequentially, how much insurance you need individually.

Generally speaking, some associations have what is called a “Bare Walls In” policy, which does not include coverage for fixtures within your unit such as countertops, flooring and bathroom fixtures. If your association has this type of insurance policy, you have much greater need for an individual policy. Other associations have “All in” policies, which do offer coverage for fixtures within individual units. If your association has this type of policy, the amount of insurance needed is much less. As there are variations to these types of policies, it is important to check and make sure you have proper coverage.

 

TWO: Check the association deductible

In the event of a loss due to a natural disaster, the condo master association policy will kick in and cover the repairs or reconstruction of the building; however, it is important to realize that the deductible will apply and be split up between the unit owners. For example, if there are 10 units in a building and the master policy has a $50,000 deductible, each owner would be responsible for $5,000. If the deductible is $5,000, each unit owner is responsible for $500.

 

THREE: Actual Cash Value or Replacement Cost Options

What’s the difference? Actual Cash Value coverage would replace the value of an insured item minus depreciation as opposed to Replacement Cost which would simply replace the value of the insured item. For example, if your Computer was stolen from you and your policy covered you for actual cash value, if the computer was 5 years old, the insurance carrier would look at the cost to replace the computer today and then deduct money for depreciation. On the other hand, a policy that covers for replacement cost would simply pay what it would cost to replace the old computer with a new one.

 

Other Information

 

  • The coverages listed above are general coverages that you will find on most condo & renter policies. Additional and more specific coverage options may be available upon request.

  • Please visit our insurance glossary tab for a full list of insurance terms and definitions.

  • There are many discounts available to help reduce your premium. Please visit our learning insurance discounts page to find out more information on how to maximize your savings.

This page contains only a general description of coverages and is not a contract. Details of coverage or limits may vary in some states and by carrier. All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements.

 


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