Condominium insurance is protection for your personal contents and if needed building items against damage, theft and the elements. It pays for the damages from a covered event. The condo policy is a combination of several individual types of coverage's. It is important to remember condo owners need to take into consideration additional coverage for the building based on their condominium association's master policy and coverage.
Condominium Insurance Coverage Includes
- Personal Possessions (contents)- If your personal possessions—including furniture, clothing and appliances—are damaged or lost as a result of a covered loss, a Foy Insurance carrier partner will arrange for them to be repaired or replaced. Policy limits, terms and conditions apply.
- Dwelling coverage - This insurance helps protect the structural items such as kitchen cabinets, flooring, walls, and other buidling items that are required per the association by-laws or for improvement to your unit not covered by the association master policy.
- Additional Living Expense- If your home is unlivable due to a covered loss, a Foy Insurance carrier partner will cover the additional necessary expenses you incur, up to the limits stated in your policy, to live elsewhere, enabling your family to maintain its normal standard of living.
- Extra Coverage for Valuables- If you own certain high-value items, such as jewelry, art or camera equipment, you should consider adding this coverage.
- Liability- If someone is accidentally injured or has property damaged while on your premises, a Foy Insurance carrier partner will defend any claims against you and pay those claims up to your policy limits. We'll also pay for reasonable and necessary medical expenses up to the limit you purchased, regardless of who was at fault.
- Medical Payments to Others- This coverage may help pay for medical or funeral expenses of someone who is injured on your property.
- Loss Assessment - Insurance that will provide coverage when the association has an assessment to the unit owners and your policy conditions apply.
Determining how much coverage you may need, where to start and how to proceed are all important questions to ask yourself. As you begin to evaulate how much insurance you need for your unit and possessions, here are a few questions to keep in mind:
- What is the association's responsible for insuring? What am I responsible for insuring?
- How much coverage do I need for loss assessment?
- How much coverage do I need for my possessions?
- Do I have replacement cost or actual cash value coverage for my possessions?
- Are there policy limits for my valuables? Should I purchase more coverage for those items?
- What does the liability coverage include?
- Do I need earthquake or flood coverage for my unit or possessions?
To figure out how much coverage you need for your possessions, simply take an inventory everything you own including your television, stereo, video camera, computer, pots and pans, jewelry, collectibles, clothes, furniture, and add up the total cost. This is how much money you would need to replace everything if they were stolen or damaged. You should also include purchase dates and serial numbers, save receipts and take photographs. Some possessions such as jewelry and computers require additional coverage in the form of floaters. These items are often based on a per-category theft limit that means that your insurer will only pay a specified amount for the item if it is stolen. At Foy Insurance, we work with you to determine what best fits your unique situation. We want to help you understand how to make the best insurance decision, reducing the chance of a financial loss in your life.
- Multi-Policy - Combine your auto, home or umbrella and receive up to a 30% discount
- Protective Device Discount- Get a discount if your home has smoke detectors, fire alarms, burglary alarms or other qualifying devices
- Deductibles- You can save money by having a higher deductible on your policy
- Non-Smoker – Up to 10% savings for not using tobacco
- Education – Savings for those with college degrees and students with a B or better average
- Loss Free – Varying savings for number of years loss free
- Pay in Full – If you can pay your entire premium you could save up to 10%
- Advanced Quote – If you get a quote at Foy 7-30 days prior to your renewal
- Disappearing Deductible - A portion of your deductible disappears every year you are loss free
Actual coverage, discounts, and special coverage options vary from insurance carrier. Remember, the lowest priced insurance might not be the best insurance after a loss. Take the time with a Foy Insurance professional to learn more about your insurance options. Find my local agency