UNDERSTAND CONDO POLICY TERMS
Typically we see “all-in” (or “single unit”) or “bare-walls-in” condo association policies. All-in may mean the structure is covered, and potentially wiring, plumbing, carpet, electrical systems or your personal belongings but not electrical systems or your personal belongings. Bare-walls-in may mean the structure is covered, but nothing inside the walls such as plumbing, electrical systems or your personal belongings.
We have customizable options for condo insurance; we’ll work with you to understand your condo association’s policy so you’re not under or over insured.
PERSONAL POSSESSIONS
This part of your condo insurance policy covers your personal belongings like clothing, electronics and more, if they’re stolen, damaged or even completely ruined after a covered incident.
PERSONAL LIABILITY
This coverage applies to injuries a guest may incur inside your condo, as well as help provide coverage for legal costs. This coverage can vary, so it’s important to talk to your agent, so you know what you’re covered for.
ADDITIONAL LIVING EXPENSES
If your condo is damaged by events like burst pipes or smoke from a fire, this part of your policy will help pay for additional living expenses while your home is uninhabitable. Policies come with coverage limits, so it’s best to talk with your agent to understand how you may be impacted.
SCHEDULED PERSONAL PROPERTY
To protect what matter to you most, you may also want to consider a scheduled personal property option. Many condo policies come with coverage limits. For example: Your wedding ring may be valued at $6,000, but the "non-scheduled" personal property coverage limit on your condo insurance may be $3,000.
They call it "scheduled" because you work with an insurance carrier to determine the value of the personal property; basically you "schedule" its value. Typically, this valuable property is not fully covered, or not covered at all, under personal possession coverage. It could be a rare collection, fine arts or sculptures, a wedding ring, rare books, etc. Typically, an insurance carrier will want a receipt of your purchase or an appraisal of the collection or item.
Our agents will help you understand if it’s worth “scheduling” any valuables you own, such as a currency collection.
