Most condo association policies cover any commonly owned property, liability for the association and the building, stopping at the external walls. Condo Insurance covers personal belongings, additional living expenses, liability protection and medical payments.
Personal belongings destroyed by a fire, tornado or even if they are stolen are covered. This is not only limited to your home. Renter’s Insurance can protect your belongings anywhere in the world!
Additional Living Expense includes coverage for relocation expenses if your home has been destroyed due to damage from a fire, storm or other included disaster. This pays the cost of living away from home, including hotel bills, restaurant meals, and other living expenses while your home is being rebuilt.
Liability Protection protects you and your resident family members from liability lawsuits for bodily injury or property damage you cause anywhere in the world. It also pays for damage caused by your pets.
No-fault Medical Coverage pays up to your chosen limit to someone who is injured in your apartment.
Some additional endorsements to choose from includes replacement costs on contents, identity fraud expense coverage, refrigerated property coverage, and water back-up coverage.
Not all condo insurance policies are the same. The structure of your condo, in many cases is offered through the association, but if it isn’t, you will want to make sure this is included in your policy.