Get to know your condominium insurance options
Your association may cover damage to the outside of your condo and common areas, but condominium insurance ensures the inside is protected as well. Learn more about your condo coverage options below.
Personal Property Coverage
Coverage for your personal possessions including furniture, clothing, and appliances in the event that they are damaged or stolen.
In the event that someone is hurt in your home or yard or you damage property at someone else’s home. This coverage can help cover the loss.
Additional Living Expenses
Your home will be protected against losses from events such as fire or lightening, weight of snow, ice or sleet, windstorms, hail, theft or vandalism.
WHAT MAKES CONDOMINIUM INSURANCE DIFFERENT?
When you buy a condo, you usually automatically become part of a condo association. In fact, you’ll pay a monthly assessment for that. That fee funds care of the common grounds of the association (You won’t have to mow the lawn, landscape or shovel snow!).
In addition to the common grounds (walkways, lobby, hallways, etc.) the cost of caring for the outside of the condo structure itself is part of the assessment you pay. A portion of that expense is insurance. But please note, your association provides insurance for the exterior part of the structure only! All of the interiors including drywall, flooring and cabinets will most likely be your responsibility in case of damage.
Furniture, electronics and all your other personal possessions will also be your responsibility to protect.
FIVE QUESTIONS TO ASK ABOUT CONDOMINIUM INSURANCE
Armed with this knowledge, discuss these questions with your Bancorp® Insurance agent:
- What does my association insurance cover and not cover?
- What remains for me to insure?
- How much would it cost to repair the inside of my condo?
- How much would it cost to replace my belonging?
- What protection do I need against liability claims?
Thorough discussion and answers to these questions with the experts at Bancorp® Insurance Insurance will provide you with the sublime peace of mind that is the heart of all good insurance coverage.
You and your Bancorp® Insurance Insurance agent will consider these five main coverages:
1.) Condo Liability Coverage
It’s a cliche to say accidents happen, but it’s genius to have prepared for them ahead of time with the proper amount of liability protection.
This coverage will protect you if you or any other named insured are found legally responsible for any injury or property damage on or away from your property.
- Compensation for the injured party
- The cost of your defense
- Most court awards
The coverage is good up to the policy limits. So, make sure, especially if you possess significant assets, you’re completely protected.
2.) Property Protection
You will be responsible for the interior of your unit. This will include cabinets, appliances, and light fixtures—everything inside your home.
In some cases, your total property limit may be enough to adequately insure what you own. However, if you have possessions in other property categories, your coverage may be limited. For example check the coverage limits on:
- Business samples or other property used for business
- Trading cards
Many condo minimum property insurance limits are $25,000. Carefully discuss your property situation with your Bancorp® Insurance Insurance pro. Make sure you have the protection you need.
Request a quote today!
As you can see, our protection team understands the way home insurance works. Let us identify the kind of policy and coverage you need when obtaining premium quotations to find the best values.
3.) Guest Medical Protection
It doesn’t matter whether or not you’re held responsible for an accident that occurs in your home. This coverage will provide payments for reasonable medical expenses for the injured party up to the policy limit no matter who caused the accident.
4.) Additional Living Expenses
If a covered loss (fire, lightning, smoke, etc.) causes you to have to vacate your condo because it’s uninhabitable, this will cover expenses associated with living elsewhere. For example, it will pay your hotel bill, food and other reasonable charges.
5.) Loss Assessment Coverage
You are paying a monthly assessment to live in your condominium community. If your association decides to assess a special levy because of certain losses to your condo complex, this coverage will pay your portion up to the coverage limit (usually $1000).
Don’t forget to ask how bundling your auto coverage can save on your monthly premiums.