Condo Insurance provides coverage for your unit and personal belongings for adverse events such as a fire or burglary and includes liability coverage for accidents that occur inside your home.
If you own a condominium, you will want to insure your home’s contents such as furniture, clothing, cabinetry, appliances, plumbing, and electric fixtures inside your unit. Your condominium association may be responsible for the unit’s ceiling and bare floors and walls. It’s important to review your association’s bylaws with your agent to understand exactly where the association’s responsibility ends and your begins.
Your Dwelling limit should provide enough coverage to replace the building items you are responsible for under your association’s bylaws. Typically this includes the flooring, cabinets, paint, and possibly drywall, electrical, and plumbing pertaining to your unit. Any alterations, appliances, fixtures, and improvements you make should be factored into this limit.
For an additional premium, you can select Special Coverage for your condo unit’s building items, giving you coverage for a larger number of events. You can also add additional coverage based on your lifestyle, including Golf Cart Coverage and Unit-Owners Rental to Others (if you rent your condo to an annual tenant).
Review Your Policy
What are some things unique to you as a condo owner?
- Protected Devices Discounts
If your building or unit has burglar or fire alarms, or a sprinkler system, you might be eligible for a premium credit. Provide your agent with a copy of the current monitoring certificate to see if you are eligible.
- Loss Assessment Coverage
If a storm damages the common areas of your condominium complex, your association may assess all the owners to pay for the damage or to cover the master policy’s deductible. To protect you, your policy contains a Loss Assessment coverage. Higher limits of coverage are available to purchase.
- Water Damage Coverage
Reduced coverage limits and exclusionsfor water damage coverage are available for additional savings.
- Windstorm Loss Mitigation Credits
Depending on the construction type of your building, you might be eligible for Windstorm Loss Mitigation Credits.
Any one of our appointed agents can review your situation and help you get the best Tower Hill premium for protecting your condo and belongings.