Home > Personal > Condo Owner's Insurance
Why Condo Owner's Insurance?
Although condos are covered by a master condo policy, problems can still occur which the master condo policy won’t cover. Some reasons to buy condo owners insurance include:
- Coverage is excluded from your master policy under your condo association by-laws. Examples of exclusions are: deductibles of up to $10,000 for losses to a particular unit; coverage for interior walls or flooring; wall coverings or interior changes to cabinets or light fixtures.
- Protection for your personal property (clothes, furniture, books, electronic equipment, etc.) against such perils as fire, theft, and vandalism both at home and while you are away.
- Through riders, provide broader coverage for jewelry, art work, business property, and other valuables. Riders could cover the loss of a diamond out of its setting, or the theft of expensive golf equipment away from home.
- Reimbursement for living expenses elsewhere when a covered peril such as a fire or wind damage make your condo uninhabitable.
- Coverage for personal liability and legal defense costs should certain types of personal liability or bodily injury lawsuits be made against you or other household members (including pets) for incidents both on and off premise.
- Optional identity theft expense reimbursement coverage.
When you contact a Beacon agent we will review your condo documents and master condo policy, work to understand your concerns and risks, and tailor a competitively priced policy from a quality insurer to fit your individual needs.
Learn more from the Insurance Information Institute web site www.iii.org/individuals/homei/