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Condo insurance coverage explained:
Condominium insurance responds to the risks associated with common areas owned by the condo corp. and your specific unit. It’s very important to know the definitions of what is “owned” and what is “not owned” as they can be different depending on the particular Condominium corporation.
Contents and Personal Property
this covers your personal belongings, similar to other habitational insurance policies. A limit of coverage can exist depending on the type of condo insurance policy you purchase.
Your Condo Corp. only covers common areas, and does NOT cover your personal belongings or contents.
Third Party Legal Liability
Liability protection from a condo insurance policy is very similar to legal liability coverage from any habitational insurance policy. Legal liability protection provides insurance coverage for any damages or injuries you cause to a third party, in which you are legally liable for. The scope of insurance coverage is usually worldwide.
Additonal Living Expenses Coverage
Addtional living expense in condo insurance policy works very similar to other habitational insurance policies.
Coverage for additonal living expenses provides protection for any extra expense you might incur while your dwelling is considered unfit for occupation, and the evacuation from your dwelling is caused by an insured peril.
Coverage is typically expressed as a ratio derived from the total amount of insurance. For example: If you purchased $500,00 worth of condo insurance and additonal living expenses offered 20% coverage, that would mean that $100,000 can be designated for additonal living expenses. ($500,000 x .20)
Unit Improvements and Betterments
Condo policies have unique features specific to condo ownership. One of those features is called Improvements and Betterment insurance coverage.
Improvements and betterment condo coverage protect the extra added improvements and enhancements you make to your unit. Some examples are custom cabinetry, upgraded kitchen bathrooms, and even sometimes structural changes within the unit.
Condo Special Assessment Insurance
Condominium special assessment is a term used to describe specific insurance coverage for condominium owners. Condo special assessment coverage in broken down into the following:
Contingency Assessement Coverage
Contingency assessment condo insurance coverage is meant to protect the condo owner from being levied additional insurance fees should the primary insurance policy of the condo corp. prove insufficient to cover a loss.
Loss Assessement Coverage
Loss assessment coverage is very similar to “contingency coverage”, in that, it provides coverage for monetary levies that can be imposed by the condo corp. for insufficient insurance coverage for common areas. The condo corp. and the condo unit owners share responsibility for loss exposure to common areas, should the primary policy of the condominium corporation fall short.