CONDO OLD
Your homeowners association’s master policy typically limits coverage to certain elements such as the building exterior, walkways, landscapes, and common areas. It does not cover your personal belongings, including countertops, fixtures, and other installations within your unit.
Nor does it protect you from any liability claims against you. So, this coverage can protect your bank account from the cost of repairing or replacing the personal property or paying medical and legal fees.
- Covers repairs to walls and condo interior, including built-in fixtures, bookcases and countertops.
- Replacement or repairs to personal property such as furniture, appliances and clothing due to a covered risk, including theft.
- It includes Loss Assessment coverage.
- Helps with medical payments to others injured while in your condo, including payment for legal fees incurred as a result of a related claim.
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- This covers the physical structure or dwelling up to the limit shown on your policy.
- Coverage does not include detached structures, such as swimming pools (some Florida carriers do include this), driveways, fences, sheds or other structures not attached to the dwelling.
- In the event of a total loss, this coverage should equal the cost to rebuild a new home.
- Materials and labor are included and coverage is generally derived by the average cost to rebuild a home in your specific location.
- General Perils include: Theft, Fire, Lightning, Windstorm, Snow, Hail, Rain and Smoke, Vehicle and Aircraft Damage, Vandalism and Malicious Mischief.
NOTE: Land value is not included in the valuation of replacement cost on your dwelling.
*Please refer to your policy for a complete list of covered perils and excluded perils. On a Condo policy, this coverage is for additions and alterations. It picks up where your master association policy ends.
- This is to protect the personal belongings owned by you and located on the residence premises, up to the limit shown on your policy.
- It includes all real property, i.e., appliances, furniture, clothing, artwork, silverware, dinnerware, cookware, audio-visual equipment, lawn care equipment, books and many other items.
- General Perils include: Theft, Fire, Lightning, Windstorm, Snow, Hail, Rain and Smoke, Vehicle and Aircraft Damage, Vandalism and Malicious Mischief.
- Some types of property such as jewelry have special limits and need to be scheduled to be fully covered.
- It is also important to have the replacement cost on contents endorsement, so your belongings are covered at replacement cost and not actual cash value.
*Please refer to your policy for a complete list of covered perils and excluded perils.