The association’s insurance protects the association, not you. It will cover the building, common areas and the liability of the association. What it doesn’t cover: the inside of your unit, your personal property and your liability. If someone slips and falls inside your condo unit, you could be responsible for paying their medical bills and lost wages. In addition, lets say, your kitchen is destroyed by a grease fire. Replacing your kitchen is your responsibility and with the average kitchen remodel costing over $20,000, that can be costly! A Condo Insurance policy from Engle & Associates can save you from this financial burden.
Condo Insurance coverages offered by Engle & Associates:
- Building Coverage including additions and alterations
- Personal Property Coverage (replacement cost available)
- Personal Liability Coverage
- Loss Assessment
- Identity Fraud
- Specialized coverage for Jewelry, Fine Arts, Collections, and More
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Learn about common risks regarding your condo and discover how the proper insurance can help.
Improvements and Alterations
Any improvements, alterations or additions made to your condominium are subject to damage.
Be sure to obtain coverage for any improvements and alterations made to the unit. This includes, but is not limited to, kitchen cabinets, built-in wall units, wall-to-wall carpeting, wallpaper, paint, bathroom fixtures, tile and wood flooring and more.
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm and more.
Personal property, such as furniture, rugs, TVs, stereos, clothes and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles and other valuables should likely be insured separately.
Additional Living Expenses
Additional living expenses can be incurred if there is damage to your unit due to a fire, storm or other event resulting in your need to live at a temporary residence.
Ensure you have the proper coverage in case you need to live elsewhere for a little while. Coverage usually includes hotel bills, restaurant meals and other living expenses incurred while your residence is being repaired or rebuilt.
Personal and Family Liability
You're responsible if a guest in your unit trips and falls or sustains an injury while on your property or if you cause damage to other units.
Be sure that you have coverage for claims made against you for bodily injury or property damage caused by your negligence, whether intentional or not. This might include damage to other units in the building, perhaps caused by a leaking pipe in your unit or otherwise.
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
If your building owner or association suffers a loss and doesn't have adequate insurance coverage of their own, they may require you to help pay for the loss via an assessment.
Consider loss assessment coverage to protect yourself in the event of an assessment caused either by a property (building) or liability loss. Typical limits range from $5,000 to $50,000.
Physical damage can happen in many ways. As one example, suppose a fire unexpectedly breaks out in the utility closet and consumes the building causing significant damage.
Ensure that your building owner or association carries an all-risk special form to cover the risk of physical damage. Explosion of boilers are typically excluded, so a separate policy must be written to cover that exposure.