Why you need insurance for your condo unit
Your condo association likely won’t insure your unit or the personal property inside. Their insurance typically focuses on the building structure and common areas.
A State Farm agent can help you choose the most appropriate protection plan for your condominium unit.
What condominium unitowners insurance covers 1
Lightning, wind or hail, freezing of a plumbing system, weight of ice, snow or sleet
Fire, theft, vandalism, riots, explosion, smoke, aircraft and vehicles
Abrupt and accidental discharge of water from plumbing system, tearing/bulging of heating or cooling systems, artificially generated electrical current
What’s not covered? 2
Natural & other causes
Damage from flood, underground water, earthquakes, mudslides, settling, deterioration, contamination, nuclear hazard, birds, rodents, insects or domestic animals.
Business pursuits or professional services. Learn more about business owners policies.
Ownership, operation, use, or maintenance of aircraft, motor vehicles, and certain watercraft.
To get coverage beyond your condo unitowner policy to replace your valuable items, consider a personal articles policy.
Know the value of your belongings
Adding up the worth of computers, electronics, appliances, jewelry, clothes, furniture, maybe even something particularly valuable like an engagement ring, art collection or musical instrument can help you determine how much condominium unitowners insurance coverage you need.
Some interior features of your unit, such as cabinets, countertops, carpet, doors, drywall and other portions of the unit may not be covered by your master policy. A State Farm agent can help you determine the value of your unit.
Understanding replacement costs
One of the most important aspects of condominium unitowners insurance is the replacement cost for personal property. We offer two coverage options.
Limited replacement cost loss settlement
Pays for the cost to repair or replace your damaged property up to the limits of liability.
A depreciated loss settlement
Pays the cost to repair or replace damaged property minus the pre-loss depreciation up to the limits of liability.
Condo insurance savings
Combining the purchase of your condo and auto policies isn’t the only way you can save money. From home security devices to a claim-free history, we’ve got options for discounts to help make insurance more affordable.*
Covering medical and liability
Rest easy, the policy provides protection for covered liability claims or lawsuits.
Policy coverage limits
Like all homeowner’s policies, condo unit owner policies have maximum limits the company will pay for loss to specified types of property (these limits can vary among companies). What’s on a typical “special limits” list?
- Money, bank notes, coins
- Business property
- Watercraft including trailers, furnishings, and equipment
- Trailers (other than boat trailers)
- Firearms (applies to theft only)
- Silverware and goldware (applies to theft only)
- Computers and data processing equipment used for business
- Rugs, tapestries (theft only)
If you need higher limits for certain types of property, your State Farm Agent can help.
Want to know more about condo insurance?
* Discounts are subject to state availability and eligibility requirements.
1 This content is only a general description of coverages and is not a statement of contract. Details of coverage or limits vary in some states. All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself, and any endorsements. See your policy and any additional endorsement for exact coverage details or for further information, please see a State Farm agent.
2 Please refer to your actual policy for a complete list of covered property and covered losses.
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