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This first section of coverage provides coverage for the actual home itself. It is important that the value limit of this coverage be set to at least the amount equal to what it would cost to rebuild your home, otherwise known as your replacement cost coverage.
The Other Structures section provides coverage for other items on your property such as fences, sheds, and detached garages. Typically this coverage is set to about 10% of your Coverage A, but it should be adjusted up if there is a need for increased coverage limits.
One easy way to describe what this covers is if a house was to be turned upside down and shaken, what would fall out is what would apply to this coverage section. Examples of personal property include, furniture, electronics, clothes and toys.
This coverage provides for reimbursement for additional living expenses in the case that a covered peril caues damage to your home that makes it unlivable. In this case you may need to move out of the home and rent a different home or a hotel room in the interim.
This section provides protection against things like medical bills and legal fees if someone happens to be injured on your property or in the case you are found liable, ie if your dog bites someone. Certain factors can make your home more risky in this regard. Examples include trampolines and pools.
This section provides protection against payments for minor medical bills to those injured on your property. The typical coverage amount for a standard policy is limited to $5,000 per claim. It is possible for this portion of the policy to provide a payout even when the injury was not your fault.
Where does my condo policy begin and end? Find out here.
Condo insurance, or condominium owners insurance, protects you and your unit from financial harm in the event of a covered loss.
Most states do not require condo insurance but your mortgage lender may require coverage to be maintained. Additionally, your HOA may have coverage requirements as well.
There are a number of discounts potentially available for your condo insurance policy. These include multiple policy discounts, security system discounts, loss-free or claims free discounts, and more. Discounts vary by eligibility and state.
Condominium insurance typically provides coverage in the event of the following perils: fire and lightning, windstorms and hail, theft and vandalism, weight of ice, snow, and sleet. Policies vary. Check your policy to confirm.
The master policy for a condominium building is commonly referred to as your homeowners association (HOA) insurance. This policy should protect the building structure, common areas, and liability exposures.
Condo insurance is a promise to pay in the event of a covered loss, up to the coverage limits provided in the policy.
Liability insurance can be a component of your condo insurance policy. This coverage helps protect against bodily injury, medical payments and legal expenses. See policy for coverage limits and exclusions.
Typically, mortgage lenders require around 20% of the appraised value of the property as this policy is a "walls in" policy and the master policy for the building is the primary coverage for the property.
Condo insurance doesn't cover everything. Condominium insurance does not provide coverage for flood damage, property of a renting tenant, or a motorized vehicle.
Home insurance covers the exterior of a building, this excludes garages, roof, and exterior walls. A condo insurance policy is known as a "walls in" policy and covers personal property and limited interior elements of the home.