Here are the key types of coverage typically included in a condo insurance policy:
Dwelling Coverage (Unit-Owner's Insurance)
Protects your unit’s interior structure, including walls, flooring, and fixtures, from damage caused by events like fire, theft, or vandalism. This coverage may also include improvements or upgrades you’ve made to the unit.Personal Property Coverage
Covers personal belongings, such as furniture, electronics, clothing, and appliances, against loss or damage from incidents like fire, theft, or vandalism.Liability Coverage
Provides protection in the event someone is injured in your condo or if you accidentally cause damage to someone else's property. It can help with legal fees and medical costs resulting from these incidents.Loss of Use (Additional Living Expenses)
Pays for living expenses if your condo becomes uninhabitable due to a covered loss (e.g., fire or flood), such as temporary housing and additional living costs.Medical Payments Coverage
Covers medical expenses for guests injured in your condo, regardless of fault, offering financial protection if someone is hurt on your property.Loss Assessment Coverage
Protects you from paying out-of-pocket costs if your condo association's master policy doesn't cover damage to common areas or liability claims, and they assess the cost to unit owners.Building Property Coverage (Optional)
If you're responsible for certain fixtures or improvements within your condo, this coverage can protect those items in the event of damage.Flood and Earthquake Insurance (Optional)
These coverages are not typically included in standard condo insurance policies, but they can be added for additional protection against water damage or natural disasters.
At V SNAP Insurance Services LLC, we work with leading insurance providers to help you find the best condo insurance coverage for your unique needs. Our team is here to ensure you're protected, so you can enjoy peace of mind knowing your condo, belongings, and liabilities are covered.
