Condo Insurance
Condo insurance will not only cover your contents, but it will cover the structure as well. Of course, all of this depends on how much coverage you purchase and whether you have any add-ons, known as endorsements, attached to your policy.
As a rule of thumb, all condo unit owners should maintain a dwelling limit that is 20% of the appraised market value.
Condo insurance also covers you for liability should someone be injured on your property. It will also cover damage to some of your possessions that are not located at your home. This includes damaged luggage on a trip or property stolen from your car.
Depending on the company you choose, you can get discounts for:
- Multipolicy discount by combining home and auto
- Alarm system credit
- Non-smoker
- Claims-free
Other advantages you could enjoy include:
- Guaranteed replacement cost on additions and alterations
- All perils coverage
- Increased levels of loss assessment coverage
- Large loss deductible waiver
