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Select Limits of Coverage
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Most insurance policies that we see for Homeowners' Associations of a Condominium Complex will only cover damage up to the unfinished surfaces of load-bearing perimeter walls, floors and ceilings of your unit. Most often, this means that an individual unit-owner must insure all permanent real property within the unit (examples include: cabinets, counters, permanently attached appliances, flooring, fixtures, non-perimeter walls and ceilings, wall coverings, etc.) How much would it cost to replace all of these fixtures, installations and additions in your individual unit?
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Enter the Minimum Limit that You Require to Rebuild/Repair Your Entire Individual Unit.
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Enter the amount that it would cost to replace all of your personal property with new items. Items that are included in this category for the most part are items that a person would take with them if they moved out of the home (examples include: clothing, furniture, cookware, electronics, etc.)
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Some items may require a current appraisal.
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Pays for losses (up to the limits you select) for damages you are legally responsible for.
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Pays for medical bills (regardless of who is at fault) for injuries sustained by a guest.
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Did you know that if there is damage to property of the Association, like a clubhouse, pool, etc., the Homeowners' Association can assess you for the portion of the deductible of the insurance policy that the Association purchased. Also, if a judgment is awarded against the Homeowners' Association from a lawsuit, you could be assessed for your portion that goes above the liability coverage of the Association. (Please read you CC&R's and all of you Homeowners Association documents to determine your exposure to financial loss.)
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