WHAT DOES CONDO INSURANCE COVER?

Condo insurance typically includes a few standard coverages to help protect you, your condo unit, and your belongings. Here’s a look at how these coverages work:

Personal Liability Coverage 

If someone is accidentally injured while visiting your condo and you are at fault, this coverage may help you pay for related legal expenses or your guest’s resulting medical bills.

Guest Medical Coverage 
If a guest is injured at your home, guest medical coverage may help pay for related medical expenses even if you are not at fault.

Building Property Protection 
This type of coverage typically helps pay for repairs to the walls of your condo unit and its interior, which could include items such as built-in bookcases and fixtures, if the damage is caused by a covered peril.

Personal Property Coverage 
Belongings such as electronics, appliances, furniture, and clothing are typically included under personal property coverage. If they are stolen or damaged in a covered claim, this coverage may help pay to repair or replace them.

Condo owners can typically choose from different types of personal property coverage, which determines how much your policy will reimburse you after a covered loss. They include:

• Actual cash value, which typically pays you for the depreciated value of your damaged belongings.
• Replacement cost coverage, which does not take depreciation into account. This coverage helps reimburse you for the difference between the actual cash value of your belongings and what you paid to repair or replace them.

Keep in mind that each coverage comes with a limit, which is the maximum amount you can be reimbursed for a covered claim. You may also need to pay a deductible before your coverage kicks in.