Why Do You Need Condo Insurance?
What Is Condominium Insurance?
Condominium insurance or HO-6 insurance covers the interior of a condominium building and personal belongings inside a unit. It covers fire or burglary, personal property, liability for accidents that occur in your home, and improvements or customization to a condo unit or townhouse.
Why Do I Need Condominium Insurance?
Not all homeowners’ association insurance protects those living in condominiums. Read your policy closely. Stolen personal belongings or those damaged by fire are not covered by most insurance. For coverage from such disasters or events, condominium insurance is the best solution.
A basic condo insurance policy will cover most of your personal belongings as well as your condo’s walls, floors, and ceiling coverings. Damage to improvements, additions, and alterations to your unit is covered by condo insurance.
Condominium Insurance Coverage
Read your policy closely because condominium insurance coverage may differ for each insurance provider. Check out below the insurance coverage for each insurance company that may suit your needs.
1. American Integrity Insurance Group
American Integrity Insurance Group condo insurance policy protects the unit’s permanently attached structures, personal property, loss of use, personal liability, and medical payments.
2. Cypress P&C
Cypress P&C condominium insurance coverage includes:
- Dwelling – Provides protection for additions or alterations to your units such as flooring and wallpaper, and fixtures that are not covered by the condo association’s policy.
- Personal Property – Provides protection for your belongings in your condo such as furniture and clothing.
- Loss of Use – Provides reimbursement for your expenses such as meals or lodging when your condo becomes uninhabitable due to a covered loss.
- Personal Liability – Provides protection for you if someone were to file a lawsuit against you, claiming you caused them bodily injury or property damage.
- Medical Payments – Provides protection to someone not living at your residence if they are injured on your property.
3. Edison Insurance Company
Edison condominium insurance coverage may include:
- Personal property
- Replacement value of your primary dwelling and specified permanent attachments, up to a specific value
- Bodily injury if someone is hurt on your property
- Liability for property damage
- Damage protection from dangers, such as fire, plumbing freezes, vandalism, and glass breakage.
4. Liberty Mutual Insurance
Understand your Liberty Mutual condo coverage options:
- Personal Property – Your TV is stolen from your condo. This will help you replace it.
- Liability – Someone slips on your kitchen floor and breaks their wrist. This would protect you from a legal claim the person may bring against you.
- Dwelling – You cause damage to a shared area of the property your condo is in. This will help with the cost of repairs.
- Blanket Jewelry (Add-On) – After taking your engagement ring off at the beach, you find you’ve lost it in the sand (gulp). This will help you get a new one.
5. National General Insurance
Choosing Condo Insurance from the National General Insurance Homeowners Program is all about flexibility – the flexibility you need to ensure your condo for what isn’t covered in the master policy.
- Primary Dwelling Coverage – covers alterations, appliances, fixtures, improvements, and certain permanent attachments that are part of the building and within the residence premises.
- Personal Property Coverage – protection for your personal property or possessions.
- Loss of Use Coverage – reimburses you for loss-of-use expenses caused by named perils up to coverage limits.
- Medical Expenses Coverage – coverage of medical expenses to others as a result of bodily injury up to a certain limit.
- Liability Exposures Coverage – coverage for bodily injury or property damage caused to another person.
- Expense-of-Loss Assessment – protects you for up to $1,000 of loss assessment by your condominium association against unit owners, with higher limits available.
- Optional Coverage – Various optional coverages are available so that you can tailor coverage to suit your needs and lifestyle.
Your progressive condominium insurance covers the following:
- Your belongings
- Injuries on/around your property
- Temporary living expenses during repairs
- Property damage or injury lawsuits against you (even if the damages happen away from your condo)
- Customizations/upgrades, such as new granite countertops, updated kitchen cabinets (if you alter/change the unit, you will then become responsible for it)
7. Security First Insurance
Security First Insurance Florida condo unit owner’s policy has several coverage options. These coverage options allow you to customize your policy to best suit your insurance needs.
- Condo Structure Coverage – provides coverage for the interior features of your home, such as flooring, cabinetry, fixtures, and any other permanently affixed additions or alterations when a loss is caused by a covered peril named in the policy (e.g., fire, lightning, or theft).
- Personal Property Coverage – covers your personal property, such as free-standing appliances, clothing, and furniture. Personal Property is covered at replacement cost, which means there is no deduction for depreciation.
- Uninhabitable Condo Unit (Loss of Use) – provides coverage for the additional costs you or your family incur when your condo becomes uninhabitable due to loss caused by a covered peril.
- Personal Liability Coverage – provides coverage that can protect you in situations that may be unforeseen, such as a friend twisting their ankle on a loose step. Liability coverage also covers certain defense costs – even if the lawsuit filed against you is false, groundless, or fraudulent. However, it does not cover liability losses caused by any animals you own or keep.
- Medical Expense Coverage – provides for the necessary medical expenses that are incurred by others (not living at your residence) if they are injured on or by your property, by an animal you own or keep, or as a result of you or a family member residing with you.
- Loss for Assessment – provides coverage for your share of a loss assessment charged by a corporation or association of property owners up to the policy’s limit of $2,000.
8. St. Johns Insurance
Condo owners often wonder how much coverage they need if a condo association also maintains insurance coverage. St. John Insurance experienced agents can help guide condo owners to affordable yet comprehensive plans.
- Dwelling – provides coverage for damage caused by a covered peril to the interior of the condo unit, such as flooring, cabinets, kitchen and bath fixtures, etc.
- Personal Property – sometimes referred to as Contents Coverage, this covers the items in the home such as clothing, furniture, and electronics.
- Loss of Use – covers the additional expenses that might be incurred while damage to the condo is being repaired.
- Personal Liability – provides asset protection for the insured if someone was injured on the property.
9. Tower Hill Insurance
Your condo boundary must provide sufficient cover to replace the building material for which you are responsible according to your association’s statutes. This usually includes floors, cabinets, paint, and possibly drywall, electrical, and plumbing that go with your device. All changes, devices, accessories, and improvements that you make should be accounted for in this limit.
Is Condo Insurance Required?
- Protecting Your Own: Condo association insurance is not enough to cover the insides of your residence or personal property.
- Protecting Yourself: Liability coverage can protect you against accidents within your condo.
- Assurance to Live: Temporary housing is offered if your condominium was damaged.
What discounts does Condo Insurance offer?
- Multi-Policy Discount: A combination of two or more policies.
- Claims-Free Discount: A lower premium offer for policies with no claims.
- Home Purchase Discount: Discount for a home purchased within the last 12 months.
- Protective Device Discount: If the condo unit has:
- Burglar Alarms
- Fire Alarms
- Smoke Detectors
- Other Qualifying Devices
- Gated Community Discount: Discounts for all vehicle entrances in a community protected by:
- Key-lock Devices
- Residence Cards
- Security Guards
FLORIDA’S LEADING INSURANCE COMPANY
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- Business Auto Insurance
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- Boat Insurance
- Condo Insurance
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- RV Insurance
- Umbrella Insurance
Discover how John Perry Insurance can help with your condominium insurance today. Call us directly or request pricing online.