Condos are a great alternative to renting or owning a single-family home, but they also have their own unique needs when it comes to insurance. Most condominium associations carry insurance for you. So you’re covered, right? Not necessarily. Condo association insurance typically only covers the building, any commonly owned property, and liability insurance for the association. That still leaves all your possessions up to you to insure.
Not all condo insurance policies are the same; however, so you want to make sure they contain some key points that will help you protect yourself financially. Check out some of the condominium coverages we offer at Pekin Insurance, including our enhanced coverages which are available with the purchase of the “Deluxe” endorsement.
- The Structure of Your Condo—In many cases, this coverage is offered through the association. But if it isn’t, you will want to make sure it is included to protect your investment. This part of your policy pays to repair or rebuild your condo if it is damaged or destroyed by fire, tornado, hail, lightning, or other disaster listed in your policy.
- Personal Belongings—Your furniture, clothes, and other personal items are covered if they are stolen or destroyed by fire, tornado, or other insured disaster. This also includes off-premises coverage, meaning under most circumstances, your belongings are covered anywhere in the world. We strongly recommend you also keep a home inventory.
- Additional Living Expense—If you can’t live in your home due to damage from a fire, storm, or other insured disaster, this will pay the costs of living away from home. It covers hotel bills, restaurant meals, and other living expenses incurred while your home is being rebuilt.
- Liability Protection—Liability covers you against lawsuits for bodily injury or property damage that you or resident family members are legally liable for. It also pays for damage caused by your pets. This coverage also protects you anywhere in the world.
- Medical Payments—If a friend or neighbor is injured in your condo, he or she can simply submit medical bills to Pekin Insurance under the no-fault Medical coverage. This ensures expenses are paid without a liability claim being filed against you.
- Deluxe Endorsement—For the most comprehensive coverage, you will want to choose the Deluxe endorsement package which includes: 1) replacement cost on contents, 2) equipment breakdown coverage [accidental breakdown of air conditioner, water heater, furnace, etc.], 3) $15,000 identity fraud expense coverage, 4) $1,000 refrigerated property coverage, 5) tree, shrub, and plant debris removal from storms, 6) personal injury liability coverage, 7) water back-up coverage, 8) up to 125% of replacement cost for dwelling, 9) lock and garage door transmitter coverage if keys or transmitters are lost or stolen.
- Additional endorsements—Special coverages are also available for canine/feline protection and water and wastewater line coverage should you need them.
See what Pekin Insurance can do for you.