Standard Condo Unit Insurance

Property association members may be subject to loss assessment fees by the condo association for loss or damage to association property. This coverage pays up to $1,000 toward your share. Please note that higher coverage amounts and broader coverage are available by endorsement as part of our Premier Choice Condo package.

This coverage pays toward repairs or rebuilding after a covered loss. “Permanent furnishings” means anything permanently attached to the walls (from the studs in) such as custom cabinets or bookcases, custom flooring or counters, woodwork, plumbed-in appliances, etc.

This covers the contents, including appliances, clothing, electronics, jewelry, cameras, furnishings, etc. If it’s not built into the unit, this part of your coverage protects it to the limit of your policy. Your coverage amount is fully tailorable.

Coverage D pays toward living expenses that occur when you can’t live in your home due to covered damage. A standard policy will pay for the shortest time needed to repair or replace the damage or for you to relocate.

It will also pay for up to two weeks’ worth of expenses in the event a civil authority order prohibits you from living in your unit.

Coverage D will also pay, for the shortest time needed to repair or replace the damaged materials, fair rental value reimbursement if any rented quarters on your residence premises (e.g., in a unit you own) cannot be inhabited as a result of damage caused by a covered cause of loss.

This coverage protects you from claims/lawsuits related to physical injury or property damage accidentally done to another or to another’s property. You can select the coverage amount that suits your needs.

Coverage pays up to the coverage limit you select, toward necessary medical expenses incurred by individuals other than you or household family members as a result of accidental injury for which you or your household family member are found liable.

You can select the amount of coverage that is best suited to your circumstances.

If you must make substantial repairs to your unit or rebuild it after a covered loss, you’ll be responsible for ensuring the new construction meets current building codes. That can add tens of thousands of dollars to rebuilding costs. A standard policy will pay up to 10% of the policy’s Coverage A amount to help ensure you can meet new building ordinance or law requirements.

If a fire department outside your residence’s area responds to a call to save your property or prevent damage to it, the policy will pay up to $500 for related service charges you incur.

No claim payment deductible applies to this coverage.

Gravestones and crypts are subject to damage by vandalism, weather events, and other causes of loss. The policy will pay up to $5,000 for restoration or replacement of grave markers and mausoleums.

If your condo unit incurs extensive damage, such as from a house fire, a tornado, hurricane winds, etc., you’ll have to remove the destroyed structure and contents before you can repair or rebuild your unit.

A standard condo policy will pay “reasonable costs” up to 10% of your policy’s Coverage C limit toward the cost of debris removal.

It will also pay up to $500 to remove a tree that has fallen across a driveway or walkway or that otherwise blocks access to your property. And it will pay up to $1,000 to remove multiple trees that have fallen and block access to your property.

Trees, shrubs, and other plants can be a significant investment. For example, the value of an oak tree taller than 10' can start at $1,000 and rise from there. Landscaping plants can be the target of theft and vandalism and are vulnerable to wind and hail damage.

A standard policy will pay up to 10% of the Coverage C amount for all trees, shrubs, plants, or lawns. A $500-per-item limit applies.

Theft or destruction of electronic apparatus and accessories are covered up to $1,500 when they are in/on a vehicle. Antennas, tapes, wires, records, discs, or other media used with electronic equipment that reproduces, receives, or transmits audio, visual, or data signals are covered up to $250.

This coverage pays up to $500 for losses arising from bank cards, home banking, forgery, and counterfeit money. Coverage up to $10,000 is available through a Premier Choice Condo policy.

Covers — up to $200 — money, bank notes, bullion, gold other than goldware, silver other than silverware, platinum other than platinum-ware, scrip, stored value cards, and smart cards. (Premier Choice Condo provides up to $1,000 of coverage.)

Covers up to $2,500 for loss by theft of firearms and related equipment. Premier Choice Condo pays up to $5,000 for this coverage and broadens coverage circumstances.

The policy provides up to $1,500 for loss by theft of jewelry, watches, furs, and precious and semiprecious stones. Please consider a Premier Choice Condo policy if your jewelry (including wedding rings) has a higher value. It provides up to $10,000 of coverage and broadens coverage to include loss by “mysterious disappearance” — such as when you take off your ring in a restroom to wash your hands and accidentally forget to put it back on.

Pays up to $2,500 for loss by theft of silverware, silver-plated ware, goldware, gold-plated ware, platinum-ware, platinum-plated ware, and pewterware. Coverage includes loss to flatware, hollow-ware, tea sets, trays, and trophies made of or including silver, gold, or pewter.

Those who need a higher coverage amount should consider a Premier Choice Condo policy, which provides up to $10,000 of coverage and includes coverage for “mysterious disappearance,” such as when a serving spoon accidentally falls into the trash during a holiday dinner cleanup and is lost.

This coverage provides up to $1,500 for valuable documents (such as securities, accounts, deeds, passports, tickets, manuscripts, etc.) kept in your home. It pays toward the cost to research, replace, or restore the information from the lost or damaged material.

If you’re a DIYer, you may borrow the occasional power tool or other expensive item. What happens if you or someone in your household drops it and it’s damaged or destroyed?

A standard policy will pay up to $1,000 so you can reimburse your friend or neighbor — and help keep your relationship intact.

Watercraft, including the trailers, furnishings, equipment, and outboard engines/motors and utility trailers, are covered up to $1,500 for theft or damage. The policy also covers theft or damage — up to a limit of $1,500 — to utility trailers and semitrailers not used for watercraft.

Coverage applies to both categories as long as the watercraft and trailers are in a covered building on the property.

Small “incidental” businesses (usually run from home) are very popular but can be hard to insure. A basic condo policy allows coverage for incidental business who earn up to $2,000 in annual revenue.

The policy covers several types of business property, both while it’s on and while it’s off your residence premises. Amounts vary:

• Up to $2,500 while it’s on the residence premises.
• Up to $500 while it’s away from the residence premises.
• Up to $1,500 for electronic apparatus/accessories (including antennas, tapes, wires, records, discs, or other media) in/upon a motor vehicle. The items must be powerable by a vehicle’s electrical system while still capable of being operated by other power sources.

Coverage and coverage limits apply to covered causes of loss. Policy provisions, exclusions, conditions, and terms apply. Product, service, program, credit, and discount availability and limits vary by state. The information provided on this site is provided for informational purposes only and is not a full explanation of products, services, or coverage. For more information, please contact Electric Insurance Company at 800.342.5342. If there are discrepancies between the information on this site and the policy, the terms in the policy apply.

Electric Insurance Company Risk Coach™ professionals help you assess your current coverages and exposure to risk based on the information you provide during your discussion. The services provided are for informational purposes only and do not create a professional or fiduciary relationship. Incomplete information or a change in your circumstances after your meeting may affect coverage requirements or recommendations. 

Loss assessments imposed by your condo association can be for tens of thousands of dollars. While a standard condo policy will only cover you for $1,000 for claims related to physical damage, our Premier Choice Condo coverage package provides up to $25,000 in coverage and includes coverage for “Personal Injury” liability claims.

Claim payments for your belongings (Coverage C) are made for the actual cash value of the items. That means that depreciation applies, which usually means a smaller claim payment. Consider getting a Premier Choice Condo policy instead, which pays claims based on the cost to replace your items with new ones of the same kind and quality.

Standard policies cover your personal property for 50% of the cost of rebuilding your unit. (Coverage A) Given inflation, that money could run out quickly. Premier Choice Condo covers up to 75% of the policy’s Coverage A amount.

A basic condo policy only covers jewelry, watches, furs, and precious and semiprecious stones for $1,500 if they are stolen. A Premier Choice Condo policy pays up to $10,000.

A standard condo policy covers you only for claims related to physical injury or damage. A Premier Choice Condo policy extends coverage for costs related to “Personal Injury” liability claims and lawsuits, such as for accidentally causing false arrest, detention, or imprisonment; invasion of privacy; wrongful eviction; slander; libel; etc.

* The policy’s co-insurance clause requires the dwelling to be insured for at least 80% of the cost it would take to rebuild it in order for uncapped replacement cost coverage to apply.

Product, service, program, credit, and discount availability and limits vary by state. The information provided on this site is provided for informational purposes only and is not a full explanation of products, services, or coverage. Coverage limits apply to covered causes of loss. Policy provisions, exclusions, conditions, and terms apply. For more information, please contact Electric Insurance Company at 800.342.5342. If there are discrepancies between the information on this site and the policy, the terms in the policy apply.

Electric Insurance Company Risk Coach™ professionals help you assess your current coverages and exposure to risk based on the information you provide during your discussion. The services provided are for informational purposes only and do not create a professional or fiduciary relationship. Incomplete information or a change in your circumstances after your meeting may affect coverage requirements or recommendations.

If a type of loss covered by the policy (such as a fire or hurricane wind, damages your unit so badly that you cannot live in it, Premier Choice Condo will cover additional expenses – up to 50% of your policy’s Coverage C amount – that you incur as a result.

• Examples of covered expenses include:
• Hotel/motel expenses
• Expenses such as application fees that are related to renting living quarters
• Food/restaurant expenses if you must reside in a place without kitchen facilities. (Example: Your weekly grocery budget is $300 – about $42/day. Your policy would pay meal costs over that amount.)
• Additional miles you must drive to reach work, school, etc. as a result of being out of your home
• Boarding pets if your temporary housing will not allow pets
• Additional utility expenses such as electricity, landline, heat, cable, trash removal, etc.