Condo Unit Owner Insurance
Condo Insurance (Condo Unit Owner Insurance)
Call for a Quote 1 (310) 860-5000
Complete Protection for
Your Condominium
Please complete this form for
quotes with multiple insurance companies.
We understand
that as the owner of a condominium unit, your insurance
needs are different from other homeowners. Chances are your
association purchased a master policy to cover common areas
like the exterior building and walkways. But you are
responsible for insuring your individual, personal interests
within your unit. You need both personal property and
liability insurance.
Condominium Policy Protects:
•
Furniture
• Clothing
• Appliances
• Personal
Belongings, no matter where they are used
• Personal
Liability, that protects you against a claim or lawsuit if
someone is injured or their property is damaged while in
your condo
• Cost of Common Property Loss, assessed by
the condo association on all unit owners
Chubb Insurance Condo Coverage
Unmatched Selection of Coverage Options:
• Contents
Replacement. Provides full replacement cost for personal
belongings with no deduction for depreciation.
• Personal
Injury. Protects you against libel and slander.
•
Identity Theft Protection. Provides assistance from a
consumer fraud specialist and covers expenses related to
restoring your good name and financial reputation.
•
Valuable Items Plus Endorsement. Provides a blanket of
coverage that is broader than what a basic Homeowners policy
provides. It is the right coverage for people who own
valuable possessions such as jewelry, artwork cameras and
computers.
• Personal Articles Floater. Provides even
more comprehensive coverage than the Valuables Items Plus
endorsement. It is the right coverage for people who wish to
protect items that have been carefully selected and whose
values exceed the limits of either the Condominium policy or
the Valuable Items Plus endorsement.
• Umbrella Policy.
Offers an additional $1 million to $5 million of liability
protection.
• Flood Coverage. Flood damage is typically
not covered under a homeowners policy. This affordable
coverage covers damage to your property and provides cleanup
reimbursement.
• Pleasure Boat Insurance for small
watercrafts.
Learn about the coverages in Condo Unit Owner policies
Get Maximum Value with
Competitive Pricing and Money-Saving Discounts
Travelers
Condominium Insurance is competitively priced. We offer
great value with many money-saving discounts:*
• Claim
free discount (available in most states)
• Security
discounts for homes equipped with:
o Smoke detectors
o
Dead bolts
o Fire extinguishers or alarm systems.
Condominium Owners Insurance 101
Condominium coverage
is available to condominium and co-op owners, and bridges
the gap between your condo association's master policy
(which insures property owned by all unit owners) and your
property and personal liability protection.
The master
policy includes coverage for the actual building in which
you reside, as well as common property like a pool or
gazebo.
Your condominium owners policy offers you the
following important protection:
• Personal property
coverage
• Optional property coverages
• Personal
liability protection
• Additional living expenses
•
Additions and Alterations
• Loss assessment coverage
•
Deductibles
Personal property coverage
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.
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. 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.
You can choose to increase these amounts if you like.
Optional property coverages
Every home is different. You
may require special coverages for your individual needs. The
following coverages can be purchased separately:
•
Broadened Coverage for Contents: provides "all-risk"
protection for your possessions. This means that your
personal property is covered in most situations, regardless
of the cause of loss.
• Contents Replacement Cost: pays
full cost to repair or replace most personal property in
your condo with no deduction for depreciation.
• Valuable
Items Plus: provides higher limits and worldwide protection
for special property such as jewelry, silverware, fine art,
furs, cameras, firearms, musical instruments, and home
computers for an extended variety of losses. For your
convenience, no appraisal or listing of insured items is
required.
• Additional Coverage Endorsement (ACE):
extends protection or increases limits on special types of
property (for example: jewelry, firearms, or silverware).
This coverage also increases personal liability coverage by
$100,000 and includes coverage for personal injury.
•
Coverage for other structures: you may own other structures
that are not part 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.
Personal liability protection
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 for
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: 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 personal property while that property is in your
care, your condo owners policy will pay up to $500 for each
occurrence.
Additional living expenses
If your unit is
damaged and you have to move out while it's being repaired,
you're covered! The policy pays for all necessary living
expenses (hotel, meals, laundry, etc.)...up to 40% of the
contents coverage amount you selected.
Additions and
Alterations
Once we move into a new home, we often make
improvements. According to your condominium declaration
and/or bylaws, you may be responsible for interior parts of
your unit such as glass, walls and doors.
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., they are insured up to
$2,500 (however, you can choose to increase this amount).
Loss assessment coverage
Condominium coverage provides up
to $1,000 of protection against financial loss if damage to
commonly owned property exceeds the amount of coverage in
the Master Policy. If your condo association is forced to
assess all unit owners for the additional loss (or for
personal liability claims against the association), you're
covered!
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.