Specialty property needs unique insurance coverage.
Owning a condominium presents particular challenges when you’re looking to insure your investment. Condo insurance provides protection for walls in coverage, your personal liability, your personal property, and may provide additional coverage for any improvements, alterations, and renovations you’re responsible to make on your particular unit in accordance with your condo association agreement.
Condo insurance offers a special set of protections for your investment property:
- Loss assessment coverage: If your condo association levies certain assessments against you, this coverage provides protection (e.g., common areas are damaged).
- Replacement cost personal property coverage: In the event of a covered loss, this coverage reimburses you the full replacement value of your personal property regardless of depreciation.
- Condo building coverage: “Walls in Coverage” meaning your improvements and alterations (e.g., cabinets, floors, facets and fixtures) to your unit are protected with this coverage.
- Liability coverage: If you or a family member damages another’s property or causes injury, this coverage may provide personal legal liability protection.
- Medical coverage: If guests are injured on your property, this coverage may provide for their medical expenses.
- Valuable articles coverage: For especially valuable items (e.g., jewelry, art, antiques), this coverage provides a broader protection with no deductible or a lower deductible in the event of a covered loss.
Additional policies, such as an Umbrella Policy or Flood Insurance, can offer the best combination of coverage to meet your condominium insurance needs.
Contact us at Manning Insurance Services, LLC in South Carolina, and let us help you determine the right amount of coverage for your condominium.