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Insurance facts for condo owners As a condominium owner you have special insurance needs. Your condominium building structure and all common property are usually protected by a policy purchased through the condominium association, but what about your personal belongings, theft losses, and personal liability protection? Check out the answers to these and other commonly-asked questions about condominium insurance. Many condo owners don't realize they have a lot to lose, whether it's personal belongings or loss due to legal liability. If you don't already have a condominium owners insurance policy, you may have questions about the importance of condominium insurance and the coverages provided. Checkout the answers. You'll be surprised to learn just how much you risk losing without proper insurance for both your personal liability and your personal belongings.

• Why would I need a condominium owners policy if my association has insurance?
• Your association does not provide insurance protection for the personal belongings in your individual unit or for damages resulting from an accidental loss which you become legally obligated to pay.

• What will the Condominium Owners Policy provide?*
• Most of your personal belongings are covered from loss by fire, theft, and many other types of insured perils up to the limits stated in your policy. You're also protected against loss from theft both at home and away from home, and against liability losses for accidents to visitors in your home -- and more!

• Would condominium insurance cover extra living expenses I might have to pay if my building becomes uninhabitable due to a covered loss?
• Yes, in fact an excellent reason for having condominium insurance is the Loss of Use of Your Residence Premises Coverage. The policy will pay the reasonable increase in your living expenses necessary to maintain your standard of living for up to the amount of time specified in the policy if you're forced to move out because of damage to your residence by an insured peril (subject to policy terms and conditions).

• What would happen if the limits of the condominium association policy weren't sufficient to cover a major loss?
• You could be responsible for paying additional assessments out of your own pocket if your association's insurance isn't enough. If you purchase the Optional Loss Assessments coverage your share of covered losses will be paid up to the Loss Assessments Coverage limit (subject to policy terms and conditions).

• What if I'm held-up while I'm away from my home, or if I'm a pick-pocket victim?
• A Condominium Owners Policy can provide coverage for theft whether it occurs at home or away from home. This coverage includes protection against loss from robbery, pick-pocket theft ?even credit card loss, forged checks, or counterfeit money (subject to policy terms and conditions).

*Insurance Coverage is subject to availability and qualifications. Other terms, conditions and exclusions may apply.

• Would I be able to replace my television if it were destroyed by fire or stolen?
• You could if your condominium owners insurance has replacement cost coverage such as the Personal Property Replacement Cost option available. If you purchase this option, you could repair or replace your television (or other covered items) if damaged by an insured peril (subject to policy terms and conditions). In addition, there is no deduction for depreciation if the item is replaced (up to the limits stated in your policy).

• If a guest falls or is injured in my home, would I be covered by my condominium owners insurance?
• A Condominium Owners Policy includes Guest Medical Protection Coverage. If a guest is accidentally injured in your home, the policy will pay the guest's medical expenses up to your coverage limits (subject to policy terms and conditions).

• What if my child accidentally breaks a neighbor's window?
• A Condominium Owners Policy covers property damage caused by you or your family members who are residents of your household (up to policy limits and subject to policy terms and conditions).

Condoowners Insurance

What is condoowners insurance? Why do i need it? Differences with standard home insurance policy Insurance facts for condo owners