If a loss occurs and your home is damaged, it will take some time to renovate your home. During this time, you will probably need somewhere else to live while the work is being done. How will you pay for additional living expenses while your condo is being fixed? Loss of Use Coverage will insure ...
Personal Property Coverage typically protects your personal belongings against the same list of risks and perils mentioned in Dwelling Coverage of Condo Policies Part 1. Your personal property is not covered by a condo master policy, and you should protect it. Unlike dwelling coverage, where the building policy might provide some coverage, your personal property ...
Insurance companies offer Dwelling Coverage, which generally insures the interior walls, drywall, wallpaper, paneling, flooring, carpeting, or built-in cabinets. This is the coverage you need to cover your part of the building; the unit you own. As a condo association, you all take responsibility and ownership for the common areas, the exterior of the building, ...
Just buy a new condo? If so, the building you live in most likely has an insurance policy to cover general liability, common areas and the exterior of the building. But what about your unit and all of your personal property? Many new condo owners are surprised when they discover that their unit is not ...