How to Extend your Condominium Coverage
Purchasing a comprehensive policy designed specifically for condominium owners is a solid foundation for your personal insurance needs. There are bound to be some gaps in coverage here and there – that’s where endorsements come into play. Endorsements are attachments to your policy that either add coverage or expand the limits of existing coverage.
Endorsements are attachments to your policy that either add coverage or expand the limits of existing coverage.
Here are some endorsements available for standard condominium policies.
- Replacement value for contents
A basic policy provides coverage on an actual cash value basis (the cost to replace the item, minus depreciation). This endorsement insures you for the replacement value of your belongings without depreciation, up to your policy limit. Damaged items would be repaired, if possible and stolen or destroyed items would be replaced.
- Personal articles floater
Lists specifically insured items of greater value for all-risks of physical loss. A definite limit is established and premium charge assessed. Typically items such as jewelry, furs, cameras, fine arts, and musical instruments fall under this endorsement.
- Additions and Alterations Coverage
While not an endorsement, additions and alterations refers to dwelling items as opposed to personal belongings. If you or the previous owner made improvements to the unit, your basic coverage may fall short. Like insurance covering your belongings, additions and alterations are subject to the same deductibles. It can also boost the coverage offered by the association if that policy is insufficient.
- Loss Assessment Coverage
Loss Assessment is covered by standard condo insurance policies and provides up to $1,000 to unit owners to cover special assessments stemming from inadequacies in the association’s coverage. It is inexpensive to increase. A limit of $50,000 should be considered.
- Special Unit Owners’ Coverage A
This endorsement provides coverage for your structure and improvements you may have made (new carpeting, cabinets, etc.) on an all-risk basis. Coverage is provided for all types of losses except those that are specifically excluded in the policy. This type of coverage is very important for people who are concered about the coverage provided by their condo association’s master policy.
Get an Ellis Insurance Tune-up, our exclusive 4-Step systematic process for eliminating gaps & inconsistencies, reducing premium, and improving coverage. There’s no obligation, and if you have any questions, please contact us at email@example.com.