Don’t make the mistake of thinking that you are fully protected by your condo association. It is vitally important for anyone who lives in a condo to find out what your condo association’s insurance covers. Then call Tradestone Insurance Services, Inc. and get personalized condominium insurance to cover the rest!
When looking to insure your condominium, it is important to know your needs. That is just one of the many things we can help you with at Tradestone Insurance Services, Inc. Condo associations have master policies that cover the property, common areas and physical structure of your building. However, these master policies do not cover your personal property or your liability to others, and they may not cover improvements or customizations to your unit.
What Condo Insurance Covers
Condo insurance can be designed to include coverage for:
- Wallpaper and Carpeting
- Electrical Wiring
- Personal Possessions
- Liability Coverage
- And more!
Condominium unitowners insurance is required to insure your personal property and any parts of your unit that aren't covered by your condo association's insurance policy. Your association could have one of three policies: a policy that insures only the primary building and common areas; a policy that insures your building and any items in your unit other than personal property; a policy that insures the building, your unit, and any fixtures or improvements you make to your unit.
By getting quality condominium unitowners owners insurance policy, you'll have more peace of mind knowing that you'll be protected if a loss occurs.
Condominium Unitowners Insurance covers:
- Fire or lightning
- Windstorm or hail
- Freezing of plumbing system
Condominium Unitowners Insurance doesn't cover:
- Bodily injury or property damage that is expected or intended by the insured
- Business pursuits
- Professional services provided or not provided
- Ownership, operation, use, or maintenance of aircraft, motor vehicles, and certain watercraft
Condominium Insurance Coverage
If your condo is damaged by a covered loss, you’ll be covered for:
- Alterations, appliances and fixtures, and improvements that are part of the building unit where you reside
- Property for which you are responsible under your condo association agreement
- Other structures such as your shed or garage
A Liberty Mutual condo policy also protects you against many causes of loss including:
- Fire, including smoke damage
- Windstorms, lightening, hail, ice, snow or sleet
- Theft, vandalism and malicious mischief
Personal Liability Coverage
As a homeowner, your condo policy also includes personal liability coverage that covers you for thing such as injuries that occur in your home, or accidental damage to someone else’s property.
Personal Liability Coverage Details
To be more specific, personal liability coverage covers:
- Accidental bodily injury caused by you, your immediate family living in your home and even your pets
- For lawsuits filed against you seeking covered damages
- For accidental damage you cause to someone’s property
- For medical bills for someone other than you or your family, who has been in an accident on your property
- For covered loss assessed by your condo association to each owner