Balfour Insurance Agency

Condo/Co-Op's: They are covered by the same insurance policy.  Condo policies are one of the more complex policies, they are designed to cover are where the Associations Master Policy leaves off.

Additions and Alterations/Dwelling  (Coverage A )

According to your condominium declaration and/or bylaws, you may be responsible for interior parts of your unit such as glass, walls and doors, or more. Also the additions, alterations and other improvements made to your unit are also covered. For example, if you or a previous owner installed built-in appliances, wall-to-wall carpeting, upgraded kitchen cabinets, etc., Coverage A comes with a $1,000 of coverage (however, you can choose to increase this amount)

Personal Property Coverage (Coverage C )

A condominium owners policy provides coverage for your furniture and personal possessions against such covered hazards as fire, lightning, windstorm, hail, explosion, collapse, smoke or vandalism. This is also called Contents Coverage and it ensures that your damaged or destroyed property is protected...up to the amount of insurance protection you purchase.

Loss of use (Coverage D)

The coverage can also be called Additional Living Expense. Essentially, this pays for your housing and other living expenses (like meals and laundry) if you suffer a major loss, that makes your house uninhabitable.  Usually you  have to move out temporarily while it's being repaired.

Personal Liability Protection (Coverage E ) 

Liability coverage is important protection in the event that you are sued for accidentally hurting other people or damaging their property. Personal liability helps to cover the associated legal costs and related damages. Most condo owners policies provide $100,000 (minimum) of financial protection against liability claims and lawsuits brought by others fro accidental bodily injury or damage to their property:

• while in your condo
• caused by your personal activities, including most sports
• caused by your children or pets

Medical Payments to Others: (Coverage F )

Most policies will pay up to $1,000 per person in medical bills--regardless of your legal responsibility--when an accident involves bodily injury to others. Higher coverage amounts are available.

Damage to property of others:

Should you accidentally damage someone else's property while that property is in your care, your Homeowners policy should pay up to $500 for each occurrence.

Loss Assessment coverage
Condominium coverage provides up to $1,000 of protection against financial loss of damage to commonly owned property exceeds the amount of coverage in the Master Policy. If the loss originates in your unit and there is damage to the building, your Association can assess you directly for the Master Policy deductible. If your condo association is forced to assess all unit owners for any additional loss (or for personal liability claims against the association), you're covered!  In many cases this is now $5,000. You should consider  buying $10,000 as a minimum coverage.

Theft protection: the condominium owners policy also protects your property against practically every type of theft loss in your condo or anywhere in the world (Limited coverage for personal property away from the premises). Also included is coverage for thefts from your unattended car or boat, even if there is no evidence of forced entry.

Special coverage for important possessions: most condo policies offer special amounts of coverage for certain types of property. For example,

• $200 for money and coins
• $1,000 for theft of jewelry, watches or furs
• $2,000 for theft of firearms
• $2,500 for business property at home

Optional Property Coverages
Every Condo is different. You may require special coverages for your individual needs. The following coverages can be add on to the condo policy:

• Broadened Coverage for Contents: provides "Open Perils" protection for your possessions. This means that your personal property is covered in most situations, regardless of the cause of loss as long as it is not on the list of exclusions.
• Contents Replacement Cost: pays full cost to repair or replace most personal property in your condo with no deduction for depreciation.
• Inland Marine Coverage: provides higher limits and worldwide production for special property such as jewelery, silverware, fine arts, furs, cameras, firearms, musical instruments, and home computers for an extended variety of losses.
• Coverage for other structures: you may own other structures that are not apart of your basic condo unit (such as a carport, detached garage, or storage shed). If these structures are not considered to be common property, they are not covered under your Association's Master Policy. This add-on coverage would insure these other structures.

Deductibles
A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, the lower the cost of your policy premium. The deductible applies to property losses only. Liability protection does not require a deductible.