This protects the interior of your unit, it includes the floor, interior walls, cabinetry, sinks, tile and any other permanent fixture inside.
Is the core party of insurance not only for condo policy but also for every insurance policy since accidents happen. A friend or even a family member might have to file lawsuit against you. In the event that they get injury within your property. Your Liability Coverage will help you to cover their medical expenses. Without liability coverage your assets are at risk. Most condo policy provide at least $100,00 coverage and as much as $500,00 at most.
Your condo insurance will replace any of you and your family’s property belongings. In the event of a loss up to the limit of the policy. The maximum amount a condo policy will pay is about 50% of the dwelling coverage purchased. Personal property provides protection under named peril basis so make sure to check your declarations page before filling a claim.
Also known as additional living expenses is the least known benefit of condo policy, but is extremely valuable to a policyholder. In case the condo becomes uninhabitable due to a covered peril. Your condo insurance can cover your expenses. Like the cost for you to stay in a hotel, cost of meals, or even cost for you unable to work.
Also known as special assessment coverage is an optional coverage. It covers situations in which the unit owners in a condominium are financially responsible. For a shared loss as long as the issue was a covered peril. Sample loss assessment claims are damages outside the building, injuries in a common area like hallways, and Damages to common areas.
Like homeowners, this insurance does not cover damages related to earthquakes & floods. You might need to purchase a separate coverage if you line in an at risk regions. It might be a requirement to purchase flood insurance for a mortgage loan.
Your condo insurance policy may not cover claim if the damages occur while being unoccupied. And that your condo had been vacant for at least 30 days. Most insurance providers consider unoccupied or vacant properties to be at higher risk because issues may not be addressed quickly. You may consider purchasing vacant condo insurance. If you intend to be away for more than a couple of weeks to make sure your property stays covered.