The Interior Walls

Your Personal Property and Valuables

Appliances In The Condo

Bare Walls Master Policy – This policy does not cover anything contained within your walls. It may or may not cover your condo’s plumbing and electrical systems. Be sure to carefully review the association’s master policy to determine what your condo insurance policy needs to cover.

All In Condo Policy- Also known as a “single-unit” master policy, this policy covers the fixtures in your condo such as the appliances, wiring, plumbing, and carpets, but does not cover personal property that you own.

Building Property – Coverage A – A Condominium policy insures your items of real property, including building additions and alterations, installations or additions which are part of your unit and are your insurance responsibility according to the governing rules of the condominium association.

Personal Property – Coverage B Condo insurance coverage protects personal property in your home like clothes, television, or furniture. It may also provides protection for your personal property with you while away from home in many places throughout the world. An example of this may be personal items stolen form your vehicle.

Loss of Use – Coverage C Should a fire, explosion, tornado or other insured loss severely damage your unit, you could need a substitute place to stay. Loss of Use coverage will cover the necessary increase in cost to maintain your standard of living. The amount of coverage is either a dollar value or may be limited to your actual costs for up to a specified time.

Loss Assessment – Coverage D This valuable condo insurance coverage is uniquely designed for owners in condominiums/ associations. It recognizes the potential for owners to be assessed for certain kinds of loss. Here are examples of circumstances that might require the condominium association to assess all unit owners:

Someone is seriously injured on common property (perhaps at a swimming pool) and the courts award a judgment that’s higher than the amount of liability coverage provided by the condominium/association policy.
Major damage occurs to commonly owned buildings and it is not fully covered by insurance.

Personal Liability – Coverage L Personal liability coverage protects you if others make a claim or bring suit against you for bodily injury or property damage for which you or a member of your family are responsible, either in your home or elsewhere and to which coverage applies. In addition to settlement costs, this coverage may pay defense costs and court costs — even if a suit brought against you is groundless. It is essential that you select liability limits high enough to protect your assets. If you need more protection than your regular policy limits, consider a personal liability umbrella policy. It adds an extra layer of personal liability protection to your car policy, your boat policy (if you have one) and your condominium unit owners (homeowners) policy.

Medical Payments to Others – Coverage M This coverage pays medical expenses up to the limits in the policy for people who are on your premises with your permission and accidentally injured. The coverage also extends to people accidentally injured by your activities. However, the coverage does not pay for medical expenses for you or members of your family that live with you.

Additional Living Expenses Covers the actual loss incurred for necessary increased expenses over and above what you normally spend for food, shelter, and related items for the shortest time required to repair or replace the premises, or for your household to settle elsewhere; up to 24 months.

Fair Rental Value Covers the actual loss sustained for rental income from that portion of your condominium unit that is rented to others or held for rental for the shortest time required to repair or replace the part of the premises rented or held for rental, up to 12 months.