Condo Owners Insurance
If you live in a condo and you are the owner you will need to protect your investment, with a condo insurance policy. What exactly does this cover? Most likely your association took care of insuring everything but your space everything from the walls in is consider your responsibility.
Personal Property Insurance
Personal Property – The contents in your condo are consider your personal property. This includes appliances, furniture, and clothing. If you are not getting replacement cost you will not be covering your personal property as new this is often referred to as ACV (ACTUAL CASH VALUE). This coverage extends worldwide, but usually provides only up to 10 percent of the personal property coverage limit for property you take with you when you travel. You may be able to buy increased limits on personal property for an additional cost. Insurance companies usually offer personal property coverage on a named peril basis. This means that the policy will specify and list the perils that trigger coverage. Commonly covered perils include fire, windstorm, aircraft, lightning, vehicles, smoke hail, explosion, riot, civil commotion, vandalism and malicious mischief, theft, and damage caused by falling objects. Your policy may require specific coverage limits for specified property and perils. Ask your agent if you need to schedule an expensive item to your policy.
This coverage pays expenses for bodily injury and property damage sustained by others when you are legally liable to pay. For example, you have a leaking faucet under your sink damages your neighbors ceiling who lives on the bottom floor, the contractor estimates it will cost 5,000 dollars to repair damages who will be liable for this water that came from your faucet, or say your dog bites someone any medical bills, surgeries, therapies arising from this dog bite would be your responsibility or if you knew you had a loose deck railing and someone leaned on it, and fell off your deck and was hurt, you could also be liable. Most policies include at least $100,000 of coverage, but higher limits are available. When deciding how much coverage to buy, think about the value of your total assets, and how much you might lose if someone successfully sued you or your family for damages. Personal liability coverage extends beyond your property limits and to all family members living under your household.
Loss of use
Loss of Use coverage– When a loss occurs due to a covered peril and your home becomes uninhabitable; the cost of additional living expenses is covered. Reimbursement of additional living expenses covers the cost for maintaining a normal standard of living. This type of coverage varies between company’s you can get a percent of your dwelling or an amount of time, anywhere between 12 to 24 months be sure to ask your insurance agent about this coverage.