Why do you need a separate policy for your condo?

A Condo Policy differs from a standard homeowner's policy since the coverage you need my vary depending on the condo association's insurance policy, by-laws, and covenants.  As a condo owner, you may need insurance for anything within the "space" of your unit that is not owned by the Condo Association (for example, appliances, cabinets, shelving, floor and wall coverings, window treatments).

You should review your Association documents to determine the kinds and limits of coverages you will need. Our basic Condo Policy offers the following coverages to you:

1. Personal Property: The policy covers personal property from direct loss anywhere in the world.

2. Additional Living Expense: If you cannot live in your condo due to a covered loss, the policy provides coverage for the costs of temporary alternate living arrangements.

3. Coverage of Owner's Building Items: If you improve your condo by putting on an addition or making alterations, it is your responsibility to insure these improvements.  This policy does that.

4. Loss Assessment: The policy adds protection to both property and liability claims.  It also pays your share of any assessment levied by your Association for losses to which your policy applies involving collectively-owned property.  The basic limit of $1,000 in loss assessment coverage may be increased.

5. Personal Liability Protection: The Policy insures your assets against bodily injury and property damage claims for which you are responsible.  This includes off-premises injuries to others from your actions, pets, the actions of members of the household (regardless of location of the incident), and medical expenses for injuries to others at your premises or from your actions elsewhere, whether you are liable or not.
   The following coverages are optional:

6. Personal Property Replacement Cost: This option replaces damaged or stolen belongings at today's prices, without depreciation, subject to policy limits.

7. Scheduled Personal Property: You may increase coverages for special or valuable items such as collectibles, jewelry, or artwork.

8. Home Computer Coverage: This option broadens your coverage to both home computer hardware and software.

9. Waterbed Liability: If you own a waterbed, this option is for you!  It covers damage that a waterbed might cause to the property of others on the residence premises.

10. Increase Limits: You have the option to increase or broaden coverages for additions, alterations and loss assessments.

11. Natural Disasters: Flood or earthquake protection is available for additional protection.

Contact a CFA Service Representative for more information by clicking here.