What’s included in condo insurance coverage?

Protection for interior finishes and personal property

Typically, condo association insurance covers only the exterior structure. A personal condo policy, sometimes called an “HO6 policy” or “condominium owner insurance,” covers replacement of drywall, flooring, light fixtures, plumbing, other internal amenities, and any upgrades you’ve made, plus your personal property:

Personal Property Coverage

Protects the things in your home, including furniture, appliances, and clothing. It also covers the things you take with you when you travel and belongings stolen from your car. For expensive items (like jewelry, furs, guns, silverware, computers, and business equipment) you’ll want to consider adding more than just the standard insurance.

Replacement Cost Coverage

If your things are stolen or damaged, Replacement Cost Coverage pays to replace your belongings at today’s prices (as opposed to what you paid for them or what they’re currently worth).

Protection for you and your family

Condo insurance coverage helps get your life back to normal after a fire, windstorm, burst pipe, or burglary:

Loss of Use Coverage

Helps you with living expenses if you can’t stay in your home while it’s being repaired or rebuilt.

Protection from liability

Get peace of mind coverage for loss assessments under your condo master policy as well as legal costs and settlements (up to policy limits) if you’re ever found legally liable for an injury or damage:

Loss Assessment Coverage

Loss assessment coverage protects you if there’s ever a loss under your condo association master policy — including payment of a portion of your share of the master-policy deductible, up to $1,000. For example, if wind damages the roof, the roof repair is covered under your condo association master policy, but each unit-owner is still responsible to pay a percentage of the deductible. Without loss assessment coverage, those repair costs come out of your pocket. PEMCO offers loss assessment coverage that’s very affordable – $50,000 of coverage for as little as $25 per year in some cases.

Personal Liability Coverage

Helps you if you’re held accountable when someone is hurt, or something of theirs is damaged, while on your property.

Medical Payments to Others Coverage

No matter whose fault it is, helps to pay medical bills for a guest injured at your home. Also covers you if you accidentally injure someone when you’re visiting.

Free condo insurance quotes, priceless peace of mind

Condo insurance is different from regular homeowners insurance or renters insurance. Unlike renters insurance, there’s more to cover than just your possessions. And unlike homeowners insurance, it can be tough to decipher where your responsibilities begin and end. A PEMCO agent can help you figure out answers to your condo insurance questions, find a policy that’s right for you, and give you a free quote.

Read condominium insurance reviews to see what customers are saying about PEMCO’s home coverages.

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