A smaller footprint doesn’t mean smaller living.
As a condo or townhome owner you’ve got a lot to protect including the interior of your condo, your personal belongings and you. While your condo association may be responsible for insuring common areas and the outer structure of your condo, you still need a unique insurance policy to protect the things inside your unit.
What does my condominium policy cover?
A typical Gulfstream condominium policy provides coverage for the following:
Dwelling is the interior of your condo unit, including cabinets, countertops, fixtures and floor coverings. In some cases this may include your front door, windows, interior walls and air conditioning unit. If you utilize other structures that pertain exclusively to your condo unit, such as a carport or storage unit, those are covered under dwelling coverage too.
Personal property includes furnishings, clothing, jewelry, electronics, housewares (such as pots, pans and dishes), medicines, health and beauty supplies.
Liability protects your assets that may be at risk if you or a family member were accused of causing injury or damage to others. Liability insurance also covers legal defense costs in these cases.
Loss of use of your property covers relocation costs and temporary living expenses if your home is damaged and you can not live there while it’s being repaired.
How much coverage do I need?
You should carry enough coverage to replace your personal property and items not covered by the condominium association’s master policy. To estimate the replacement cost of your belongings, we recommend using a free home inventory guide, like this one from the Insurance Information Institute available at www.KnowYourStuff.org. A Gulfstream agent can help you determine the policy limits that are right for you and suggest additional coverages you may need.
Customize your policy with these additional coverages:
Loss Assessment Coverage
Includes coverage for assessments that your condominium association may charge all owners due to a covered loss.
Unit-Owners Coverage A Special Coverage (HO-6)
The standard condo policy provides coverage for losses that occur due to a named peril such as fire or theft. This endorsement broadens coverage to include risks of direct physical loss no matter what kind of peril caused it (with a few exceptions).
Unit-Owners Rental to Others
Adds coverage for your condo unit if you rent it to others. Some exclusions may still apply.
Equipment Breakdown Coverage
Adds coverage for your home equipment including appliances, computers, televisions, heating and cooling systems, swimming pool equipment and more. Learn more.
Personal Injury Coverage
Provides liability coverage, including legal defense costs for claims that may occur due to false arrest, libel or malicious prosecution.
Animal Liability Coverage
Adds coverage for damage or bodily injury caused by an animal owned or kept by you or other insured family members.
Identity Theft Expense Coverage
Adds coverage for expenses incurred from identity theft, such as attorney fees, the cost of notarizing affidavits and other costs associated with restoring your identity.
Water Back up and Sump Overflow Coverage
Adds coverage for damage caused by water that backs up through sewers or drains, or water that overflowed from a sump pump.
Personal Property Replacement Cost Coverage
Adds coverage* which will (usually) pay the replacement or repair cost. The standard policy provides Actual Cash Value coverage for personal property, which is today's market value minus depreciation.
*Property such as antiques and collectibles (which cannot be replaced) are excluded.
Scheduled Personal Property Coverage
Broader protection for your valuable property, such as jewelry, silver, fine arts, antiques and collectibles.
Carports, Pool Cages and Screen Enclosures
Adds coverage for losses due to wind/hail/hurricane for carports, pool cages and screened enclosures. Losses on these structures caused by wind/hail/hurricane are excluded under the standard policy.
Increased Ordinance or Law Coverage
When your home has been damaged, the construction, repair or demolition of the damaged property must comply with current building codes. This may result in higher repair costs. The Increased Ordinance or Law Coverage endorsement increases coverage for these higher repair costs by as much as 50% of your dwelling limit.
Golf Cart Coverage
Adds specialized coverage like liability protection if someone is injured by your golf cart and physical damage protection if your golf cart is ever dented or scratched.
Business Property and Permitted Incidental Occupancies
Coverage for property used in a trade or business is limited or excluded under the standard policy. This endorsement adds coverage for eligible occupancies, such as a home office.
How much does a condominium insurance policy cost?
The cost of your policy depends on many factors. The deductible you select can have a big impact on pricing. If you are comfortable with a higher deductible, you can save on your annual policy premium. If you prefer a smaller deductible, the cost of the policy will increase. Other factors that impact pricing include your location, the age of your condo, the construction type of your condo, etc.
We offer many credits and discounts for condo owners including:
- Secured Building Credit
- Superior Fire-Resistive Construction Credit
- Automatic Fire Sprinkler System Discount
- Fire Alarm credits
- Burglar Credit
*Some discounts are not available in all states.
Ready to get started with condominium insurance? Contact a Gulfstream agent for a quote today.Find an Agent
Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which control coverage determinations. Such terms may vary by state or area, and exclusions may apply.