If you own a condo unit and are looking into getting renters insurance for condos, then you will need to know what your condo policy covers. If you own a condo in Manhattan, then you know that you can protect the investment that you have made in your condo in many different ways. You can purchase a renter’s insurance policy to cover both your personal possessions as well as the personal belongings of your family. However, there are a few things that a condo policy covers differently that you may not be aware of. Here are some things that every renter’s insurance policy should cover:
*ammels & auto insurance – A large part of the rental insurance package that condo owner purchases protects them from major losses due to fires, explosions, slips & falls, and other accidents. In order to get this insurance, the condo association will require that you verify your claims with an AMEL & CO auto insurance company at least once a year. The best AMEL & CO companies are calling A.M. Best and Company and Standard & Poor’s. These companies will verify your claims with at least eight days prior to issuing the policy so that you can keep your condo fully covered. This is one of the most important aspects of your policy, because if you don’t verify your claims with an AMEL & CO company at least eight days before the policy expires, then your personal items (and even the contents of your condo) are unprotected and may be lost during an unforeseen event.
*lvc policy – Every renter’s insurance policy includes a personal belongings clause. This clause generally states that if you have any unused personal belongings when you move out of your condo unit, then you will have to pay for them. Some policies do not cover personal belongings at all, which is why it is important to read over the entire policy to find out exactly what you are covered for and whether or not you are protected from loss. If you own a lot of expensive jewelry, artwork, collections, clothing, antiques, or other collectibles in your condo, you should definitely look into your options for personal belongings coverage.
*CCO & vacancies – If your rental community has more than one unit, you will need to add “CCO” to your policy. “CCO” means “county property insurance”. Most renters policies include “CCO” coverage, but some do not. If you are unsure whether your rental community has “CCO” coverage, you should ask a manager or a broker. There is nothing more frustrating than purchasing a condo rental insurance policy only to discover that it does not include coverage for the items you own in your apartment.
*Floating expense – If you have a condo policy, then you probably know about the floaters. These are typically called a “loss assessment coverage”. It is important to keep in mind that most condo policies will exclude coverage for loss resulting from a floating expense. However, there are some specialty types of insurance policies that can include a floating expense in their terms of coverage.
*Medical Payments – Many types of insurances are sold with a medical payment option. If you rent your dwelling, you may want to inquire about a medical payment coverage. If so, you may want to inquire about coverage that will cover your medical expenses if you should become ill or injured while in your condo unit. If your rental unit is located in a complex, you may also want to inquire about loss-of-use policies. Condo dwellers can typically purchase loss-of-use coverage in addition to the standard homeowners insurance plan, which often includes a loss-of-use clause.
* Lewdness & Behavior – Many insurance companies define” Lewdness” as “willful misconduct, open disregard of personal safety, real or perceived.” The next type of” Lewdness & Behavior” is” breaches of the peace.” This type of coverage provides coverage for disturbances that cause substantial interference with others. If a tenant rents his/her dwelling to other tenants, the policy will typically provide coverage for any incidents that result in a breach of the peace. Examples of this might be noise, litter, excessive heat, improper maintenance, trespassing and so on.
*Lifestyle Coverage – This type of insurance offers coverage for personal belongings lost in a fire, flood, theft or similar disasters. The policy may also provide coverage for personal belongings left behind in the condo unit when a renter leaves. This is a good type of insurance to consider, especially if your personal items are worth a lot of money. However, renters policy coverage does not typically provide coverage for recreational vehicles or boats.