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 of usually $500 or $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.