Condo Insurance
Condo Insurance is defined as a form of property insurance that provides coverage for a policy holder’s belongings and liability within a condo property. Insurance companies offer Dwelling Coverage, which generally insures the interior walls, drywall, wallpaper, paneling, flooring, carpeting, or built-in cabinets. This is the coverage you need to cover your part of the building; the unit you own. Personal Property Coverage typically protects your personal belongings.
Does Condo Insurance Cover Personal Property?
Your personal property is not covered by a condo master policy, and you should protect it. Unlike dwelling coverage, where the building policy might provide some coverage, your personal property is at risk. Personal property includes everything you own in your home including furniture, TVs, computers, rugs, clothing, books, cookware, etc. Everything that is not attached to your condo is personal property and it should be insured.
What Other Coverages Are Available?
If a loss occurs and your home is damaged, it will take some time to renovate your home. During this time, you will probably need somewhere else to live while the work is being done. How will you pay for additional living expenses while your condo is being fixed? Loss of Use Coverage will insure you for temporary housing expenses such as an apartment rental. Loss of Use Coverage will also cover things like furniture, car and boat storage, and even pet kennel expenses.
One of the most important parts of a condo insurance policy is the Personal Liability Coverage. This will cover you against lawsuits, legal expenses, and medical costs if you are legally responsible for injury or property damage to others. The coverage here is variable, but most insurance professionals recommend $500,000. If a person is injured in your condo and they are not named on your policy, this coverage would pay for some minor medical treatment, such as exams or X-rays. Generally, this coverage is fairly low but provides the insured with means to cover minor medical expenses without filing a claim against the Personal Liability Coverage portion of the HO6.