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Basic
Condominium Coverages
Contents coverage is basic.A limit is selected $75,000
for example, based on the value of your contents to replace
your things for damages arising from perils named in your
policy such as fire, water damage, theft, explosion, and more.
There is a deductible usually $500 or a $1000. In a superior
policy coverage is provided in a way that allows you to replace
your lost property with new items, without depreciation.(Note:
Most policies provide depreciated value or almost nothing
for most clothing and furniture unless those items are quite
new). "Replacement Cost Coverage; i.e., new for old" is preferred.
There are specific limits on the theft of certain types of
property such as jewelry, money and securities, watercraft,
etc. It may be preferable to schedule specifically your valuables
and collectables. There is a credit card coverage up to $10,000
is available.
Additions and Alterations
coverage protects any additions, alterations, and improvements
you make to your unit, for up to 10% of your contents limit.
This coverage can be increased.
Unit assesment coverage
pays up to $50,000 for your share of an assessment charged
against all unit owners as a result of a covered loss.
Loss of Use is an extra
expense you incur while staying at a temporary location if
your condo becomes uninhabitable. While most policies allow
a limited dollar amount for this coverage, our program is
UNLIMITED.
Personal Liability coverage insures you for claims
involving damages for which you are held liable. Our program
starts with $500,000 limit. Higher limits are available and
highly recommended due to the great number of lawsuits and
large settlements common today. Limits can often be increased
to $5 million.
NON-OWNED AND HIRED CAR coverage is for policies written
with limits of liability of $1 million or more. It provides
coverage for rental or borrowed autos as long as the insured
does not own any private passenger vehicles, pick-up, panel
truck or van and the use does not exceed 30 days.
Also recommend is Personal Excess Liability Coverage,
often called an Umbrella policy. A personal Excess Liability
Policy provides you with liability Coverage for damages for
which you or members of your household may be legally responsible
for beyond the basic limit.
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