Condo Insurance Coverage's
Condo Unit Owners or HO-6: Written for the primary residence, secondary, seasonal or tenant occupied, this is the most common of condominium policies and is designed to cover all aspects of the condo: the interior air space, contents (personal property). There are generally other coverage’s built in to the policy and the premiums are usually based on several factors. The costs are determined by such factors as the age of the condo, square feet under air, counter, flooring, improvements and/or updates to the condominium.
Dwelling
Dwelling coverage - or coverage A, is the estimated amount to cover rebuilding your condo. Condo rebuilding estimates do not cover drywall, roof, exterior walls and other common elements covered by your Condo Association once rebuilt the market value is restored, hence the concept of indemnity or "to make whole." Dwelling coverage is not the same as market value, tax appraised value or sales price. Personal Property aka Contents - Insuring personal property is the responsibility of condo owner personal property doesn't include kitchen appliances, it is covered in dwelling. You can chose replacement cost v actual cash value.
Personal Property
Personal property insurance, also known as "contents" or Coverage C reimburses you in the event that your possessions within the home (whether you own or rent) are damaged, destroyed, lost or stolen. What does personal property insurance cover?
Personal property insurance covers the contents of your condo, your personal possessions. Do you actually need personal property insurance? To find out, grab a camera or smart phone and begin walking through your home, room by room, opening closets and drawers, and snapping pictures of everything that is not nailed down:
Furniture
Clothing
Appliances
Stereos
Televisions
Computers
Artwork
Rugs, window treatments and other décor
Dishes
Wine and spirits
Sporting goods and toys
As you take this visual inventory, imagine what it would cost if everything was lost in a flood or fire--could you afford to replace what's most important to you? If not, you might need personal property insurance.
Loss of Use
in the unfortunate event that you or your tenant were temporarily unable to live in your condo due to an incident, how much money would that cost? Depending on how long you had to wait while your condo is being rebuilt or repaired, the total cost could really add up. That’s where loss of use coverage applies. Also referred to as additional expenses insurance or part D coverage, loss of use homeowners insurance covers living expenses that you incur if your home is deemed uninhabitable as the result of a covered peril.
Personal Liability
Personal liability occurs in the event an accident, in or out of your home, that results in bodily injury or property damage that you are held legally responsible for. Personal liability claims could include medical bills, legal fees and more if a guest is injured on your property, as well as coverage for accidental damage you are legally responsible for on someone else’s property. If you have personal liability coverage, you may be able to avoid paying out of pocket for incidents like these, up to your coverage limits. That’s why personal liability coverage is an important component of your condominium insurance. This comes automatically with your condo insurance if owned/occupied by an individual or trust, special rules apply when owned by an LLC or corporation. Usual limits are $100,000 or $300,000.
