Condominium insurance protects your possessions from a wide range of perils, including fire, smoke, vandalism, collapse, theft, or natural disaster such as rain, wind, or hail. Condominium insurance does not, however, protect your actual dwelling. Your condominium association is likely to carry coverage that protects your carpeting, interior walls, roofing system, etc. Condominium insurance also protects you in the event someone is injured or suffers personal property damage while in your condominium.
Benefits of Condominium Insurance
- Safeguards your possessions in the event of loss or damage.
- Coverage is extended to your possessions, even if they are lost or damaged at a location other than your condominium.
- Liability coverage in the event someone is injured or suffers a loss while in your condominium.
Features of Condominium Insurance
- Premium discounts for fire protection and security devices or for owning multiple policies with the same insurer.
- Ability to extend property coverage beyond your personal premises.
- Option to reduce your out-of-pocket premium by increasing your deductible.
- Twelve-month policy renewal periods.
- Option to increase coverage on specific items such as jewelry or art by adding special policy riders.
Elements to Consider
- Your premium may increase based on claim experience.
- Coverage is not extended to the actual dwelling.
- Generally, you must own or occupy the condominium you are insuring.