Which Coverage Can I Add to My Condo Insurance Policy?

Condo Optional Coverage

Customize your Condo Insurance coverage to ensure comprehensive financial support, safeguarding your sanctuary against both expected and unforeseen perils.

 

Dwelling related coverage

Secure your unit’s internal structure with comprehensive coverage and shield it against the unexpected.

 

What is increased dwelling coverage?

Increased dwelling coverage is an additional protection that brings you enhanced financial support for repairing your apartment or townhouse’s internal structure in the event of a covered peril, such as theft, vandalism, and more.

 

While the building structure of a condominium is the Condo Association’s responsibility, the interior structure of your house is yours. With this enhanced coverage, you can afford the expenses more easily, since you are increasing the amount of coverage you will receive in case of a covered peril.

 

 

What is ordinance and law coverage?

Ordinance and law coverage protects you against costs arising from changes in building codes. It covers expenses related to demolition, increased construction, and loss of undamaged property, bringing you financial support for compliance with evolving regulations.

 

If you are a condo owner, this coverage is essential to guarantee that you will have the financial support for repairing your property in case of an unforeseen event.

 

 

What is water backup coverage?

Water backup coverage shields against damage from sewer or drain backups, covering repair costs for resulting water damage. It ensures financial support for condo owners facing the consequences of plumbing issues within their units, offering peace of mind by addressing repair expenses due to unexpected water backups.

 

This coverage becomes especially valuable in urban settings where condo units share common plumbing systems. In the event of a sewer or drain backup, water backup coverage helps policyholders manage the financial burden of repairs, allowing them to swiftly address the damage and restore their condominiums without shouldering the full financial impact of unforeseen plumbing mishaps.

 

 

What is earthquake coverage?

Earthquake coverage is an extra provision extending protection to damages resulting from earthquakes, ensuring condo owners have financial support for damages to property and personal belongings beyond the standard policy.

 

This endorsement becomes crucial in earthquake-prone areas, allowing policyholders to safeguard their investment by addressing the specific risks posed by seismic activity and securing additional coverage for potential damages to their condominium units. If you need a more comprehensive earthquake protection, we recommend getting an Earthquake Insurance policy.

 

 

Liability related coverage

Customize your policy to make sure you are covered for possible claims for damage to property or persons.

What is animal liability coverage?

Animal liability coverage shields unit owners from legal and financial consequences if their pets cause damages within the condominium. It ensures protection against potential liabilities stemming from incidents involving the owner’s animals, covering legal expenses and potential compensation for affected parties.

 

This coverage is vital in shared living spaces, where pet-related incidents can lead to disputes and legal actions. By including animal liability coverage in Condo Insurance, unit owners can enjoy peace of mind, knowing that they have financial protection in place to address unforeseen issues related to their pets, fostering a sense of responsibility and security within the condominium community.

 

 

What is personal injury coverage?

Personal injury coverage shields unit owners financially if they are held responsible for causing harm, like defamation or invasion of privacy, to others. This endorsement ensures coverage for legal expenses and potential damages that may arise due to personal injury claims.

By including personal injury coverage, condo owners gain financial protection and assistance in addressing legal challenges, promoting a sense of security and responsible living within the condominium community.

 

 

What is identity theft coverage?

Identity theft coverage safeguards owners by offering financial assistance if someone wrongfully accesses and uses your personal data and information fraudulently. This coverage helps afford expenses related to restoring one’s identity and addressing damages resulting from fraudulent activities.

 

In an era of increasing cyber threats, identity theft poses significant risks. Including identity theft coverage in Condo Insurance is a proactive measure, providing condo owners with essential support to navigate the complexities of identity restoration and minimizing the potential financial impact of fraudulent activities, promoting a more secure living environment within the condominium community.

 

 

What is loss assessment coverage?

Loss assessment coverage shields individual unit owners from shouldering the entire financial burden of shared property or liability losses. In condominiums, common areas are collectively owned, and if these areas incur damage or face liability claims, repair, and legal costs are collectively paid by all unit owners.

 

Loss assessment coverage steps in to alleviate the financial burden on individual condo owners, helping cover their share of these expenses as determined by the condo association. This ensures that unit owners are not left shouldering substantial financial obligations arising from shared property incidents, promoting a more equitable distribution of costs within the condo community.

 

 

What is enhanced medical payment coverage?

Enhanced medical payment coverage goes beyond standard provisions, offering extra financial protection for injuries sustained by others. This extended coverage applies to guests or visitors, providing increased compensation for their medical expenses resulting from accidents or injuries while on the premises.

 

By enhancing medical payment coverage, Condo Insurance ensures that condo owners have a higher level of financial support to address potential medical expenses incurred by others within the shared living space. This not only contributes to a more secure living environment but also reflects a commitment to the well-being of guests and visitors within the condominium community.

 

 

What is increased personal liability coverage?

Increased personal liability coverage elevates the financial protection available to condo owners, providing higher limits for personal liability claims. This expanded coverage offers increased security against legal and medical expenses that may arise from covered incidents.

 

With higher limits, condo owners gain added peace of mind, knowing they have substantial financial protection in the event of personal liability claims. This ensures that legal and medical expenses resulting from covered incidents within the shared living space are adequately covered.

 

 

What is watercraft liability coverage?

Watercraft liability coverage shields unit owners from financial liabilities linked to watercraft accidents. Whether it’s a boat or a jet ski, this coverage addresses potential injuries or damages, offering protection against legal and financial repercussions arising from water-related incidents.

 

It ensures that unit owners can enjoy water-related activities within or outside the condominium while being financially protected in the event of accidents, fostering a safer and more secure environment.

 

 

Property related coverage

Safeguard your personal belongings and make sure you will be able to repair or replace them.

 

What is unscheduled personal property coverage?

Unscheduled personal property coverage safeguards owners’ belongings within the condominium without the need for a detailed inventory. This coverage provides financial compensation for items lost, stolen, or damaged, offering a convenient and comprehensive solution to protect personal possessions.

 

By eliminating the necessity for a detailed inventory, this coverage streamlines the claims process for condo owners, making it more accessible and user-friendly. It ensures that owners can easily receive compensation for their belongings in the event of a covered loss, enhancing the overall convenience and effectiveness of Condo Insurance in safeguarding personal property within shared living spaces.

 

 

What is special personal property coverage?

Special personal property coverage is an enhanced level of coverage that provides greater security for valuable items like electronics, jewelry, furniture, art, and more. By adding this coverage, you will protect your property against almost any peril.

 

Unlike standard coverage that only insures against specific listed perils, this typically covers a broader scope of potential risks of loss or damage to your personal property, by bringing a “total risk” coverage except for explicitly excluded perils in the policy.

 

 

What is unscheduled jewelry coverage?

Unscheduled jewelry protects valuable pieces without needing a detailed inventory. This coverage offers a convenient solution for condo owners to safeguard their jewelry. By eliminating the requirement for a detailed inventory, unscheduled jewelry coverage simplifies the claims process for condo owners.

 

It streamlines the path to compensation for lost or damaged jewelry, providing a practical and efficient way to ensure these valuable possessions are adequately protected within the shared living space.

 

 

What is scheduled personal property coverage?

Scheduled personal property coverage allows unit owners to itemize and insure high-value items, such as jewelry or art. This tailored approach ensures that specific possessions receive adequate coverage, addressing the unique needs of condo owners with valuable items.

 

By detailing and specifying valuable possessions, scheduled personal property coverage provides a more comprehensive and personalized solution compared to standard Condo Insurance. It allows condo owners to accurately insure high-value items at their actual worth, providing peace of mind and ensuring appropriate compensation in the event of covered incidents.

 

 

What is food coverage?

Food coverage safeguards against financial losses resulting from the spoilage of perishable food items due to events like power outages or equipment failures. It is especially relevant for condo owners who may face disruptions in electricity or encounter appliance malfunctions that could lead to the loss of stored food.

 

In instances where unforeseen events impact the functionality of refrigeration or storage appliances, food coverage provides a practical financial safety net. It ensures that condo owners can recoup the costs associated with the loss of perishable items, offering a degree of relief and financial support to address the inconvenience caused by covered incidents within the shared living space.

 

 

What is personal computer equipment coverage?

Personal computer equipment coverage encompasses data re-creation, personal computer systems, and programs. This comprehensive protection ensures financial assistance for repair or replacement, addressing potential damage or loss resulting from covered incidents.

 

Whether it’s the cost of recreating important data, repairing personal computer systems, or replacing vital programs, this coverage serves as a valuable safety net for condo owners. It recognizes the significance of personal technology assets and provides the necessary financial support to navigate the consequences of unexpected events, promoting peace of mind within the shared living space.

 

 

What is personal cyber protection?

Personal cyber protection coverage shields condo owners from financial losses due to cyber threats. This coverage extends assistance for expenses related to online fraud, and other risks, offering a crucial layer of protection against the evolving landscape of cyber threats.

 

As cyber risks become increasingly prevalent, personal cyber protection coverage becomes essential for condo owners. It not only provides financial support for dealing with the aftermath of cyber incidents but also helps mitigate the potential impact of identity theft and online fraud, contributing to a more secure and resilient living environment.

 

 

What is equipment breakdown coverage?

Equipment breakdown coverage, also known as home system protection, shields owners from financial losses due to sudden equipment failures. This coverage extends protection to essential systems and appliances, covering the costs of repair or replacement resulting from unexpected breakdowns.

 

Whether it’s a malfunctioning HVAC system or a breakdown in kitchen appliances, equipment breakdown coverage ensures that condo owners are not left shouldering the full financial burden. It provides a safety net for unexpected repair or replacement expenses, contributing to the overall resilience and financial security of condo owners in the face of sudden equipment failures within the shared living space.

 

 

What is superior home protection coverage?

Superior home protection goes beyond standard coverage, offering a comprehensive shield against a wider array of risks. This elevated level of insurance ensures condo owners have enhanced financial security, providing peace of mind by addressing a broader range of potential threats within the shared living space.

 

With superior home protection, condo owners can navigate unforeseen events with confidence, knowing they have robust coverage. This option is designed to meet the evolving needs and diverse risks associated with condominium living, delivering a higher level of assurance and safeguarding the financial well-being of condo owners more comprehensively.

 

 

Mortgage related coverage

Make sure your condo will keep on being yours no matter what.

 

What is mortgage payment protection?

Mortgage payment protection is a safeguard for condo owners, covering mortgage payments during unexpected events. This coverage ensures financial stability for unit owners, preventing potential hardships arising from the inability to meet mortgage obligations during challenging circumstances.

 

This protection is particularly valuable in maintaining housing security, allowing condo owners to navigate temporary setbacks without the risk of falling behind on mortgage payments. It provides a financial safety net, offering peace of mind and helping condo owners sustain their homes even in the face of unforeseen challenges, contributing to overall housing stability.

 

 

What is the mortgagee clause?

The mortgagee clause safeguards the interests of the mortgage lender by designating them as a loss payee in the policy. This means that in the event of a covered peril, the insurance proceeds are directed to both the condo owner and the mortgage lender, ensuring the lender’s financial stake is protected.

 

Additionally, the mortgagee clause often requires the insurer to notify the mortgage lender about any policy changes or cancellations. This ensures that the lender remains informed about the insurance status of the condominium, allowing them to take necessary actions to protect their financial interest in the property.

 

 

Loss of use related coverage

Keep your finances in check if your condo is temporarily uninhabitable.

 

What is increased loss of use coverage?

Increased loss of use coverage brings extra protection for living expenses when condo owners are temporarily displaced due to a covered peril. Additionally, if you rent your condo, this coverage will bring you a fair rental value that will compensate for the incomings that your tenant will not pay during this period.

 

By expanding loss of use coverage, Condo Insurance ensures that owners facing temporary displacement have the financial means to maintain their standard of living. This added protection offers a safety net, helping condo owners navigate the challenges of finding temporary housing and covering associated expenses, contributing to a smoother recovery process after a covered peril within the shared living space. In case the condo is rented and the tenant needs to move somewhere else, this endorsement will ensure that you still receive that income.

 

 

Where Does PSIC Offer Condo Insurance?

We currently offer Condo Insurance in the states of Arizona, California, Connecticut, and New Jersey. To learn more about how you can customize your policy please select your state.

We plan to expand our Condo Insurance coverage nationwide soon, ensuring all homeowners the benefit of our reliable insurance solutions.