What Coverages Are Included in Condominium Insurance Policies?
Condominium insurance policies normally have several coverages that protect a variety of risks. Some of the coverages that a policy may make available as standard or optional protections include:
Structural Coverage, which might cover a unit itself
Personal Property Coverage, which might cover belongings owned by the policyholder
Personal Liability Coverage, which might cover certain liability lawsuits
Loss Assessment Coverage, which might cover special assessments related to covered claims
Loss assessment coverage normally won’t pay a special assessment that’s used to make a capital improvement on an association’s property. If a major covered disaster causes enough damage to necessitate a special assessment to pay the association’s deductible, however, loss assessment coverage might pay the assessment.
Are Valuables Covered by Condominium Insurance Policies?
How a condominium insurance policy treats valuables usually depends on the terms, conditions, exclusions and limits within its personal property coverage. Many condominium policies have specific limits for furs, jewelry, collectibles, firearms and other items of high value. Policyholders should review these limits with an experienced insurance agent so that they understand how a particular policy would or wouldn’t cover their personal valuables.
When policyholders need more coverage for valuables than a policy’s standard personal property coverage provides, they may have three options. They might be able to increase the limit for their valuables, purchase an endorsement or rider for their valuables, or find another insurance policy that has more standard protection.