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Do you own a condo or co-op?
Your best bet, if you own a condo or co-op, is our "unit-owners" (HO-6)
homeowners policy. Here are some of its features.
STANDARD PROPERTY COVERAGES—Dwelling Since insurance coverage on your condominium or apartment building is
normally purchased by your association, your dwelling coverage focuses on real property
within your living quarters. Our policy provides coverage—up to the specified
limit—on a replacement cost basis and insures items in these six general categories:
- Alterations and improvements Your built-in cabinets, book shelves, appliances and
interior partitioning are ideal examples.
- Property exclusive to your residence Includes items of real property pertaining
solely to your condo or apartment, such as upgraded doors or safety locks.
- Common areas If your association by-laws require you to insure property outside
your residence, such as a portion of your hallway floors or stairs, entranceway or
sidewalk, you’re protected under your dwelling coverage.
- Structures you own that are located off premises A private garage or storage shed
you own that is located in another part of your building complex would be covered.
- Personal property Your personal belongings, and those of other family members
residing with you, are insured on an actual cash value basis up to the coverage limit you
select. These items are covered wherever they happen to be—at home, in transit, in
storage, anywhere in the world!
- Loss of use We’ll pay up to 40 percent of your dwelling coverage limit for
extra living expenses you incur if a fire or other covered loss makes it temporarily
impossible for you to live at home.
ADDITIONAL PROPERTY COVERAGES
- Credit cards If you’re obligated to pay funds due to theft or unauthorized
use of your credit cards or fund transfer cards, you have $500 coverage, with no
deductible. Also covered are forgery and counterfeit currency.
- Fire department service charge We’ll pay up to $500—with no
deductible—for charges you incur each time you require these services to save or
preserve the property you insure with us.
- Loss assessment If your activity center, swimming pool, golf course or other
community grounds or buildings suffer damage, you have $1,000 coverage to help pay your
share for repairs.
LIABILITY COVERAGES
- Personal liability You don’t want to go out the door without this coverage.
If you are ever faced with a claim or lawsuit for injuring others or damaging others’
property, this coverage pays up to your liability limit for damages awarded to the
"injured" party. We’ll also pay the cost of defending you, even if the suit
is groundless.
- Medical payments to others This "goodwill" coverage pays medical
expenses-up to $1,000 per person—for anyone (other than a family member who resides
with you) who is accidentally injured on your property, whether or not you caused the
injury. Also covered are medical expenses for anyone injured off your premises if you are
liable.
If you haven’t found what you’re looking for or if you have additional
questions, contact an agent in your area. Or, get in
touch with our office nearest you.
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