If you rent or lease a condo, you need to protect your property with condo insurance.
What does condo insurance cover?
Owning a condo can simplify some things, but insurance can still feel a little confusing. Your condo association typically has a master insurance policy that helps cover shared areas and certain parts of the building. What that policy covers inside your individual unit can vary, which is why it’s important to understand where the association’s coverage ends and yours begins.
Your personal condo insurance policy is designed to help protect the things that belong to you—your belongings, certain improvements or upgrades you’ve made to your unit, and your financial responsibility if someone is injured in your home.
For condo owners in York County and throughout South Central Pennsylvania, Covenant Insurance Group can help you look at both your association’s master policy and your own coverage so you can better understand how the two work together.
Helping protect the things that make your condo yours.
Your condo is more than walls and shared hallways. It’s your furniture, electronics, clothing, appliances, keepsakes, and all the things you’ve collected along the way.
Condo insurance can help protect your personal belongings when they’re damaged by a covered loss, such as theft, fire, certain types of wind damage, lightning, or frozen pipes. Depending on your policy, coverage may also extend to improvements you’ve made inside your unit.
Just as important is understanding what may not be covered. Flooding, for example, is generally not included in a standard condo insurance policy and may require separate coverage.
That’s where having someone review the details with you matters. At Covenant Insurance Group, we help condo owners, just like you, throughout York and South Central Pennsylvania understand their options, identify possible gaps, and choose coverage that fits their home and their life.
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Betterments and Improvements
Risk Factor
Any betterments, improvements, alterations, or additions made to your condominium are subject to damage. However, it’s important to make sure they’re covered appropriately.
Solution
Be sure to obtain coverage for any betterments, improvements, alterations, and additions made to the unit. This includes, but is not limited to, kitchen cabinets, built-in wall units, wall-to-wall carpeting, wallpaper, paint, bathroom fixtures, tile and wood flooring, and more.
Personal Property
Risk Factor
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm, and more.
Solution
Personal property, such as furniture, rugs, TVs, stereos, clothes, and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles, and other valuables should likely be insured separately.
Additional Living Expenses
Risk Factor
Additional living expenses can be incurred if there is damage to your unit due to a fire, storm, or other event resulting in your need to live at a temporary residence.
Solution
Ensure you have the proper coverage in case you need to live elsewhere for a little while. Coverage usually includes hotel bills, restaurant meals, and other living expenses incurred while your residence is being repaired or rebuilt.
Personal and Family Liability
Risk Factor
You're responsible if a guest in your unit trips and falls or sustains an injury while on your property or if you cause damage to other units.
Solution
Be sure that you have coverage for claims made against you for bodily injury or property damage caused by your negligence, whether intentional or not. This might include damage to other units in the building, perhaps caused by a leaking pipe in your unit or otherwise.
Medical Expenses
Risk Factor
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Solution
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
Loss Assessment
Risk Factor
If your building owner or association suffers a loss and doesn't have adequate insurance coverage of their own, they may require you to help pay for the loss via an assessment.
Solution
Consider loss assessment coverage to protect yourself in the event of an assessment caused either by a property (building) or liability loss. A range of limits may be available.
Physical Damage
Risk Factor
Physical damage can happen in many ways. As one example, suppose a fire unexpectedly breaks out in the utility closet and consumes the building causing significant damage.
Solution
Be sure your condominium owner, association, or corporation carries a comprehensive policy to cover the risk of physical damage. It’s important to know what the policy includes and what it doesn’t, which could range from covering just the shell of the building to including things like floors and walls.
Know your liability coverage options when living in a condo.
In addition to property coverage, condo policies may also include liability coverage. For example, if a guest is injured in your condo, it may pay for their medical expenses. It may also cover you in the case of a lawsuit if you are responsible for damages to another condo property. Additional living expenses may also be covered if there is damage to your condo unit that renders it unlivable.
Who is responsible for medical expenses from injuries?
If a guest is injured in your condo, you are responsible. You need medical expenses coverage as part of your condo policy so your insurance would cover their medical expenses, up to a selected limit.
Are additional living expenses covered?
If your condo insurance policy includes additional living expenses coverage, things like hotel bills, temporary rentals, and meals may be covered while your condo unit is being rebuilt or repaired.
The benefits of getting coverage for your condo.
It may seem confusing to figure out exactly what coverage you need for your condo unit. The most important thing to know is that condo insurance is typically inexpensive in comparison to the potential out-of-pocket costs of replacing your personal belongings.
If you are living in a condo unit, you need condo insurance. Contact us to go over what your condo association doesn’t cover and how your policy may fill in the gaps.
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