Can cover items not insured by your association’s master policy
Additional coverage for home renovations and improvements
Worldwide coverage for negligence resulting in property damage or injury to others
May pay for your portion of community-owned property for which unit owners are responsible
The responsibilities of a condominium unit owner can vary greatly. Coverage under the master policy can range from insuring the individual units as they were originally built to only insuring the bare walls, floor, and ceiling. Our insurance agents at Hickok & Boardman will coordinate your dwelling coverage with your association’s master policy to ensure your unit, and any updates and improvements, are covered appropriately.
Loss Assessment coverage helps protect you from damage or liability that exceeds your condominium association’s master policy limits. This can happen when a loss to community property is larger than the association’s coverage amount or if a liability judgment exceeds the master policy’s limits. As unit owners in the association, you would be responsible for a share of those losses. Loss assessment coverage helps compensate for this out-of-pocket difference.
If you own a unit in a condominium but rent it to others either all or part of the time, contact your insurance professional to discuss any changes necessary to make sure your unit is properly insured.
Expanded Loss Causes
A condo policy can offer additional Open Peril coverage endorsements. Open Peril coverage means everything is covered unless specifically excluded in the policy contract. Open Peril coverage is available on the structure and personal contents through separate endorsements. If added to the policy, things such as ice damming and mysterious disappearance would be covered.
Personal Liability – This coverage pays for injuries and property damage that result from your acts as well as negligence. Higher liability limits may be available through a Personal Umbrella Policy.
Medical Payments to Others – This coverage often helps pay for emergency room visits if someone is injured on your property. This is not available for you as the homeowner.