If you live in a condo, you may think you don’t need insurance because you don’t have a structure- like a single-family home- that can be damaged. So why would you need insurance? Here’s why!
You still have personal property and interior upgrades that can be damaged. Furthermore, you can still be held liable for injuries that occur within your condo. That’s where Condominium Insurance can help.
Condominium Insurance
Condominium Insurance helps protect you and your family. Typically, it will pay for repairs to or replacement of your personal property (and your unit) if it is damaged by perils, such as fire or vandalism. That includes additions, alterations, and improvements you make to your unit that you are responsible for, based on the condo association agreement.
For example, if you have upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments. Be sure to consult your HOA agreement to determine what the Association policy covers and what you are responsible for.
Furthermore, Condo Insurance also helps cover you if someone is injured on your property. Finally, it helps pay for additional living expenses incurred should you need to vacate your condo after a covered loss.
You can also purchase optional loss assessment coverage to protect you against certain assessments that may be levied by the association (more on that later).
Let Berkshire Insurance Services help you find the right amount of coverage to suit your insurance needs. Call for a free quote today at (610) 413-9880.
Replacement Cost vs. Actual Cash Value
With a handful of exceptions, most personal property will depreciate over time – TVs, computers, furniture. Stuff wears out or becomes outdated and its value declines.
Consequently, the actual cash value (ACV) coverage option applies depreciation to your property. Therefore, you will be reimbursed for the actual value at the time of the loss rather than the cost to replace that item.
For example, you may have purchased a television five years ago for $2,000. However, due to depreciation (wear and tear, new technology, etc.), it is now only worth $200. If you have ACV coverage, you will receive $200. However, you may not be able to purchase a comparable TV for $200!
For a few more dollars, you can elect to carry replacement cost coverage. This coverage ensures that you are reimbursed for the full replacement value if something is damaged by a covered peril, without regard for depreciation after a covered loss.
Loss Assessment Coverage
If common areas in your condominium complex are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy. Optional Loss Assessment Insurance coverage can help pay those costs.
Various limits of loss assessment coverage are available with your Condominium Insurance. Therefore, be sure to consult the HOA agreement to determine the potential for such assessments. Berkshire Insurance Services is here to help you determine your coverage needs to make sure you’re properly covered. Call us at (610) 413-9880 or online at cheryl@berkshireinsuranceservices.com.
Protect Yourself and Your Guests
Your Condo Insurance policy protects you and your family members against liability claims for bodily injury and property damage. Also, medical payments coverage will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available.
Extra Coverage Doesn’t Have to Cost a Lot
Finally, many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. Additionally, if you have special valuable items such as jewelry, art, antiques, or collectibles, ask about our Valuable Articles option. This will provide broader coverage with no deductible in the event of a covered loss.
Find Customized Insurance That is Right for Your Condo
Contact Berkshire Insurance Services to identify the best combination of coverage, value, and price for you. We can help make sure your Condo Insurance continually meets your needs. Call us at (610) 413-9880 or online at cheryl@berkshireinsuranceservices.com.
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