Talk to a State Farm® Agent Today About Condo Insurance Coverage
A State Farm Condominium Unitowners policy insures your items of real property, including building additions, alterations, installations and which are part of your unit and are your insurance responsibility according to the governing rules of the condominium association*.
This condo insurance coverage protects personal property in your home like clothes or furniture. It can also provide protection for your personal property with you while away from home.
Loss of Use
Should a fire, explosion, tornado or other insured loss severely damage your unit, you could need a substitute place to stay. Loss of Use coverage will cover the necessary increase in cost to maintain living conditions during the period of repair. The amount of coverage may be limited to a dollar value or your actual costs for up to a specified time. You should review your limit with your agent.
This valuable condo insurance coverage is uniquely designed for owners in condominiums/ associations. It recognizes the potential for owners to be assessed for certain kinds of loss. Here are examples of circumstances that might require the condominium association to assess all unit owners:
- Someone is seriously injured on common property (perhaps at a swimming pool) and the courts award a judgment that's higher than the amount of liability coverage provided by the condominium/association policy.
- Major damage occurs to commonly owned buildings and it is not fully covered by insurance.
In addition to settlement costs, this coverage may pay defense costs and court costs -- even if a suit brought against you is groundless.
It is essential that you select liability limits high enough to protect your assets.
If you need more protection than your regular policy limits, consider a personal liability umbrella policy. It adds an extra layer of personal liability protection for exposures you may have from your car policy, your boat policy (if you have one) and your condominium unit owners (homeowners) policy.
Medical Payments to Others
This coverage pays medical expenses up to the limits in the policy for people who are on your premises with your permission and are accidentally injured. The coverage also extends to people accidentally injured by your activities. However, the coverage does not pay for medical expenses for you or members of your family that live with you.
If you own a home in a condominium/association but rent it to others all or most of the time, special insurance arrangements also can be made.
Contact your agent for a complete review if you are in this situation.
This coverage automatically increases the amount of condo insurance coverage on your building property and personal property as inflation changes the cost of replacing your property. The changes are based on the movement of an inflation index and are reflected in the premium on each renewal.
Additional Living Expenses
Fair Rental Value
Covers temporary repairs incurred to protect covered property from further damage.
Trees, Shrubs and Other Plants
Fire Department Service Charge
Pays up to $500. Higher limits may be purchased in states where available.
Credit Card or Bank Fund Transfer Card, Forgery and Counterfeit Money
May cover loss to the contents of an on-premises refrigerator or freezer resulting from power or mechanical failure.
May cover damage to property resulting from building collapse caused by certain perils.
Pays to re-key the exterior locks to your home if the keys to those locks are part of a covered theft loss.
This includes expenses we may incur defending a lawsuit brought against you for damages covered under the policy.
First Aid Expenses
Provides for first aid expenses for people other than an insured for bodily injury covered by the policy.
Damage to the Property of Others
Provides up to $500 payment of certain property damage to property of others accidentally caused by an insured.
*Improvements to your unit as well as fixtures and equipment installed as part of the building may or may not be your insurance responsibility. Association documents should be checked.
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Details of coverage or limits vary in some states.
This content is only a general description of coverages and is not a statement of contract. All coverages are subject to the terms, provisions, exclusions and conditions in the policy itself and any endorsements.