Owning a condominium has plenty of advantages, including less maintenance and less worry. But as with any home, insurance is a must. Condominium insurance from First Tech Insurance Services can include:
Personal Property Coverage - provides coverage for your furniture and personal possessions against covered risks, such as fire, lightning and hail.
Theft Protection - can protect your property from types of theft in your condo or when you’re traveling. It can even cover items left in your car or boat.
Special Limits of Liability for Certain Possessions - can be included, such as $200 for money and coins, and $1,000 for theft of jewelry, watches or furs.
Personal Liability Protection - protects you and your family from claims or lawsuits if you accidentally hurt other people or damage their property. Most condo unit owner policies provide $100,000 (minimum) in personal liability coverage for covered bodily injury and property damage sustained by others.
Medical Payments - can pay up to $1,000 per person in necessary medical expenses for guests who are accidentally injured on your property.
Damage to Property of Others - can help protect your assets if you accidentally damage someone else's personal property while that property is in your care. Your condo owners policy can pay up to $1,000 for each covered occurrence.
Condo Additional Living Expenses - can help if you’re forced to move out while your unit is being repaired due to damage or updates. Coverage can include hotel, meals, laundry, and more. This is subject to coverage terms and limits.
Dwelling, Additions, and Alterations - can provide extra coverage if you are responsible for interior parts of your unit such as glass, walls and doors. Additions, alterations and other improvements made to your unit can also be covered up to the dwelling coverage limit.
Loss Assessment Coverage - can provide up to $1,000 of protection if damage to commonly owned property exceeds the amount of coverage in the condominium association’s insurance policy. This amount may be increased.
Coverage for Other Structures - can help with damage to carports, detached garages, or storage sheds that are not considered common property.