The condo insurance provides the following coverages:
- Contents Coverage: This coverage pays for repairs or replacements to your personal belongings (clothes, furniture, electronics etc.), if they are damaged or lost due to a covered event like theft, vandalism, fire or storm. Just like homeowners' insurance, you must get additional coverage for valuables like gold, silver, fur, jewelry, firearms, coins, collectables, etc.
- Liability Coverage: This policy covers you if you or anyone in your household (including your pets) are unintentionally responsible for another person's injury, property damage, or financial loss. Liability coverage also protects you from legal fees, court costs, settlement, and judgements, in case you are sued for a covered event.
- Loss of use: This policy compensates for the miscellaneous expenses, such as accommodation cost, moving costs, food or storage, that you may incur due to the need to acquire temporary housing, in case your condo is inhabitable due to damage by fire, storm or hail. However, damages from flood and earthquake are not covered in your condo insurance.