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Everything You Need to Know About Condo Insurance

by / Thursday, 23 May 2013 / Published in HOMEOWNERS, INSURANCE BLOGS

Everything You Need to Know About Condo Insurance

Everything-You-Need-to-Know-about-Condo-InsuranceAn accident-prone house guest or thieves in the night, annoyances come in many shapes and sizes, and condominium unit owners need dependable protection for all of them. When the unexpected happens…Anderson Insurance Associates has a plan for that.
Most condo unit owners have some insurance protection under their condominium association’s policy, but that coverage typically extends only to common areas. This leaves individual condos and their valued contents uninsured. That’s a significant gap in coverage and one that can only be filled by having reliable, sufficient protection.
Additional condo coverage comes in a variety of ways and we will explore each one.

  • Dwelling– This means that the insurance carrier you choose will cover the cost to replace or repair structural elements within the condo that belong to the unit owner. Fixtures, such as the kitchen sink and the bathtub, as well as alterations which include added walls that provide additional separation between rooms or built-in shelves.
  • Personal Liability Insurance– With personal liability insurance, the insurance carrier will cover claims for property damage or bodily injury for which the condo unit owner is legally responsible.
  • Personal Property and Valuables– With this sort of additional condo insurance, the insurance carrier would be responsible for the replacing of all personal condo-insurancebelongings such as clothing, furniture, appliances, jewelry, furs, heirlooms etc. in the chance that they are destroyed in an accident.
  • Medical Payments– Under Medical Payments coverage, the insurance provider would take care of medical expenses for anyone outside the household who is injured while visiting your condo. For instance, if a guest was visiting your home and slipped on a puddle of water coming from the refrigerator and he/she broke his/her leg, your guest could hold you liable for his/her medical bills.
  • Loss of Use– If your condominium is unavailable for use, the insurance provider would pay for any costs above the normal living expenses if damage prohibits the family from living in their condominium. For instance, the condo is deemed unlivable after a major storm hits the area and the windows are blown out, the insurance company would cover you and your family’s cost to stay in a hotel/motel.
  • Loss Assessment– Under Loss Assessment, the insurance carrier would cover costs levied by a condominium association in the event of loss caused by a covered peril.

There are many options when it comes to fully protecting your condo and the valuable property inside of it. Give an independent agent at Anderson Insurance Associates a call today to discuss your options when it comes to protecting your condo.