Improvements & Alterations
Risk Factor
Any improvements, alterations or additions made to your condominium are subject to damage.
Solution
Review the bylaws and master policy and ensure you obtain coverage for any improvements and alterations made to the unit. This includes, but is not limited to, kitchen cabinets, built-in wall units, wall-to-wall carpeting, wallpaper, paint, bathroom fixtures, tile and wood flooring and more.
Personal Property
Risk Factor
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm and more.
Solution
Personal property, such as furniture, rugs, TVs, stereos, clothes and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles and other valuables should likely be insured separately.
Loss of Use & Additional Living Expenses
Risk Factor
Additional living expenses can be incurred if there is damage to your unit due to a fire, storm or other event resulting in your need to live at a temporary residence.
Solution
Ensure you have the proper coverage in case you need to live elsewhere for a little while. Coverage usually includes hotel bills, restaurant meals and other living expenses incurred while your residence is being repaired or rebuilt.
Personal & Family Liability
Risk Factor
You're responsible if a guest in your unit trips and falls or sustains an injury while on your property, or if you cause damage to other units.
Solution
Be sure that you have coverage for claims made against you for bodily injury or property damage caused by your negligence, whether intentional or not. This might include damage to other units in the building, perhaps caused by a leaking pipe in your unit or otherwise.
Medical Expenses
Risk Factor
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Solution
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
Loss Assessment
Risk Factor
If your building owner or association suffers a loss and doesn't have adequate insurance coverage of their own, they may require you to help pay for the loss via an assessment.
Solution
Consider loss assessment coverage to protect yourself in the event of an assessment caused either by a property (building) or liability loss. Typical limits range from $5,000 to $50,000.
Clickable Coverage
