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There are many issues that need to be considered when properly tailoring a homeowners policy to fit your specific needs. We are here to help you.
* The above descriptions are generalizations and should not be relied upon when determining coverage. You must refer to actual policy wording when determining whether or what type of coverage applies
Provides protection should you accidentally injure someone. Also provides protection should you accidentally damage the property of others
Provides coverage for additional living expenses incurred when your condo unit is not inhabitable as a result of a covered loss.
The starting point for this coverage is what is referred to as named peril coverage. Major named perils include fire, lightning, wind, smoke, vandalism and theft. Many other minor coverages are included. This coverage can be expanded to all risk subject to exclusions for an additional premium. There are significant limitations on money, jewelry, guns and business equipment. No coverage is provided for autos, motorcycles, or motorized recreational vehicles under a homeowners policy.
Coverage is normally provided on an all risk subject to exclusions basis. Major exclusions include damage caused by flood, earth movement, water leaking into basements, settling and cracking of foundations and walls, war and nuclear reaction. Another exclusion is for damage caused by backup of sewers and drains and overflow of sumps. Special coverage can be added to provide this protection.
The condominium association by-laws establish what the unit owner needs to insure. The vast majority of by-laws state that the unit owner is responsible for insuring everything inside the drywall of the outer walls of the unit. This means that normally under the building coverage of a condo policy (referred to as an HO-6) you are responsible for items such as the floor covering, kitchen cabinets, sinks, dishwasher, bathroom fixtures including the tub, shower and toilets, furnace, water softener and even interior walls including the wiring in those walls. The “master policy” purchased by the condo association covers the exterior of the building up to and including the drywall of the outer walls of your living unit