Condo Insurance Coverage

Liability coverage is the most basic form of property insurance coverage. In its most basic definition, it financially protects you in the event of a lawsuit. Liability coverage extends to you, your immediate household members, and even your pets. In most cases, your homes liability protection extends all across the world. 

Liability coverage financially protects you if you, or your property causes bodily injury or property damage. If your icy walkway causes a guest to slip and hurt themselves, your property liability protection would cover the damages. If your toddler knocks over a guests DSLR camera and smashes it, your property liability protection would cover the damages. 

How Much Liability Coverage Do I Need?

At Tango, we offer a $2 million liability minimum. In our professional experience, the cost of legal settlements can exceed $1 million relatively quickly. If you were to only have $1 million in liability coverage and had a settlement of $1.5 million against you, the insurance company would pay the first $1 million and you would be personally responsible for the other $500,000. 

If you are someone that owns multiple properties, travels frequently, volunteers in the community, or owns a business, you may want to talk to your broker about addition Umbrella Insurance to enhance your liability protection. 

Dwelling coverage for condos and apartments is typically included in your condo fees. The entire condo building is usually insured collectively for a predetermined amount by the condo board. However, your condo insurance policy can offer coverage for improvements, betterments, and alterations. If you've made updates, renovations or other projects that have increased the value of your condo, then your condo insurance policy can insure you over and beyond the limit of the condo building's insurance.

In some cases, your condo board will not have any dwelling coverage through the condo fees. In those situations, it is important to have your insurance broker review your coverage carefully to ensure you have adequate protection for your unit. Condo bylaws can also have coverage exemptions that preclude certain types of claims. It is important to have a clear understanding of what is covered under your condo board's insurance and what is your responsibility as the owner of the unit. 

Contents coverage is the portion of the policy that protects the personal belongings inside the home.  This can include:

• Removable appliances (refrigerator, toaster oven, etc.)
• Furniture (television stands, mattresses, etc.)
• Electronics (cell phones, cameras, televisions, etc.)
• Contents of an attached garage (tools, lawn mowers, snow blowers)
• Other personal property

Covered events can include fire, theft, vandalism, water damage, natural disaster, or other circumstances.

Contents coverage does extend outside of the home. If you have expensive personal belongings in a vehicle and they are stolen, it is your property insurance that covers the cost to replace them and not your auto insurance.

Are There Limits On My Contents Coverage?

Yes, most insurance companies have special limits on specific items. While every insurance company is different, some items with special limits include coins, jewelry, utility trailers, musical instruments, luggage, bicycles, sporting equipment, boats and others. If you have any high value items or collections, talk to your insurance broker about scheduling those items. By scheduling an item you insure that item for its full value, get a separate (typically) smaller deductible, and more thorough coverage that includes mysterious disappearance. A commonly scheduled item is hearing aids. 

If you are storing project vehicles, motorcycles, boats, holiday trailers, or other vehicles in an attached garage, they will need their own insurance policy or a specialized coverage through the property policy to be covered in the event of a total loss.

Your home insurance policy comes with great extra coverage options to round out your coverage.

Identity Theft Coverage