Personal Property Coverage

Your furniture and other personal property may be covered by a condominium unit owner policy from covered perils like fire, lightning, and hail. It can assist make sure that your property is protected up to the level of insurance you buy. This is also known as “contents coverage.”

Theft Protection

The condominium unit owner coverage can shield your belongings from a variety of theft-related losses, whether they occur in your apartment or elsewhere. Insurance that can cover theft from your unattended boat or automobile is also covered.

Special Limits of Liability for Certain Possessions

The majority of condo insurance provide specific liability limits for particular types of property. For instance, a fine of $200 for cash and coins and a $1,000 fine for the theft of jewels, watches, or furs. Generally, you have the option to raise these figures.

Personal Liability Protection

Liability insurance can assist in paying the associated legal fees and related damages if a claim is made against you or you are sued for accidently injuring someone else or damaging their property. For insured physical injury and property damage suffered by others for whom you or covered members of your household are legally accountable, the majority of condo unit owner plans offer $100,000 (minimum) in personal liability coverage.

Medical Payments

Regardless of your legal duty, the majority of liability insurance policies will cover up to $1,000 per person in essential medical costs for visitors who unintentionally get hurt on your property. It can also offer protection in other circumstances. Higher levels of protection are available.

Damage to Property of Others

Generally, your condo owners coverage can pay up to $1,000 for each covered occurrence if you unintentionally damage someone else’s personal property while that property is in your care.

Condo Additional Living Expenses

Loss of use insurance can be useful if your apartment is damaged and you need to move out while it is being repaired. Up to a percentage of the contents coverage amount you chose, the policy may cover additional necessary living costs (such as lodging, meals, washing, etc.). The rules and conditions of the insurance apply to this.

Dwelling, Additions and Alterations

Other situations may also be covered by a condo unit owner’s policy. You might be accountable for the internal components of your unit, such as the windows, walls, and doors, depending on your condominium declaration and/or bylaws, as well as the state where you reside. Up to the dwelling coverage limit, your unit may also be covered for additions, modifications, and other renovations.

Loss Assessment Coverage

In general, condominium insurance can offer up to $1,000 in protection if damage to jointly held property exceeds the policy’s maximum level of coverage. This coverage may be useful if your condo association charges each unit owner a fee to pay the increased loss (or to cover personal liability claims made against the community). This sum could be raised.