Having photographs and an inventory of each room in your home makes it much easier to make and resolve a claim in the event of a covered loss.
Your condo association has a policy that protects the exterior of your unit, but you are responsible for the contents and liability inside your own space. Whether you own a condominium, townhouse, duplex house, or other cooperative residence, you need the safeguards and security Mutual Condo Insurance from Providence Mutual.
A Condo policy is a combination of homeowners and renters insurance, based on the unique coverage needs of owning a part of a larger building. Coverages include:
- Your part of the building – Generally, a unit deed includes inside walls, ceilings and floors, but also would include additions, alterations and upgrades you make to your unit. Your condo association agreement outlines the physical part of the building for which you are responsible, as well as any equipment or fixtures installed in your unit.
- Personal property- The value of your personal belongings is covered by a separate amount from the cost to repair or replace your part of your residence. Personal property includes your furniture, appliances, electronics, clothing, kitchenware, and décor. It provides a set dollar amount for jewelry, audio/visual equipment, cash and securities in your house, artwork, and other valuables. If you have a high amount of jewelry, fine arts, electronic or photographic equipment, firearms, collectibles or other valuables, and additional coverage for higher valued items can be purchased. Personal property is also included for theft and other losses away from your residence.
- Additional Living Expenses – If you can’t access or live in your unit because of a covered loss, Providence Mutual will pay toward temporary accommodations, and other normal living expenses. This coverage is particularly important for condo owners because the cause of loss may be the fault of your neighbor and out of your immediate control. You should discuss with your agent about choosing a dollar amount for Additional Living Expenses for a certain amount of time.
- Loss Assessment - A unique but important part of Condo Insurance protects unit owners if their condo association needs to levy an assessment to its owners because of some types of liability or property losses impacting the whole condo complex.
- Personal Liability – The personal liability section of your policy can provide legal assistance and protection if you are found to be legally responsible for bodily or personal injury or damage to someone.
- Medical Payments to Others – If a visitor or guest is injured on your property, this coverage can pay medical expenses for treatment of bodily injury, such as hospitalization, medical costs, and funeral services. Coverage does not include medical payments for injuries to you or household members.
There are several Condo Insurance policy discounts available through Providence Mutual. Ask your agent for more information.