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    Blue icon of the Premier Choice Condo Coverage package.Premier Choice for Condominium Unit Owners 

    Thirteen more coverages and 18 higher coverage amounts than a standard condo policy.

    Condominium unit owners have seen a multifold increase in the value of their investment in their property in just a few years. If you’re conscious of the value of your investment in your condominium and the cost of rebuilding the interior if needed, Premier Choice Condo may be your best investment yet.

    It goes far beyond a standard condominium policy. Premier Choice Condo adds more than a dozen coverages and 18 higher coverage amounts to a standard policy.

    HOA Member Coverages

    HOA member loss assessments

    HOA member association deductible assessments

    5 Key Coverage Upgrades

    Payment for rebuilding your condo after a major loss: extended

    Coverage for the cost of removing debris created by damage to your property

    Payment for replacing your damaged or destroyed personal property with new items

    Payment toward cleaning/repairs if your water or sewer pipe backs up into your unit or storage area or if your sump pump fails

    Coverage for liability claims and lawsuits against you

    Higher Coverage for Specialty Items and Circumstances

    Theft of money and precious metals from your household

    Loss costs related to credit cards, EFT cards/access devices, and more

    Theft and/or disappearance of jewelry, precious/semiprecious stones, watches, and furs

    Theft and/or disappearance of silverware and other valuable metal ware

    Reimbursing another person if you accidentally damage their property

    Valuable papers and securities

    Theft and/or mysterious disappearance of firearms

    Great for Etsy, eBay, and Shopify Sellers

    Are you one of the millions of people who who have a small side business? If so, you'll benefit from these coverages.

    Incidental business coverage

    Loss to your business data

    Loss to your business property

    Safety & Security Reimbursements

    Identity fraud expenses and restoration services

    Replacing your door locks

    Police department service charges

    Fire department service charges

    Good News for Watercraft Enthusiasts

    Premier Choice Condo provides up to $1,500 of coverage for theft of or damage to watercraft (such as WaveRunners® and JetSkis®) and watercraft trailers, furnishings, equipment, and outboard engines and motors while they’re stored on the property in an enclosed building.

    Premier Choice Condo also extends liability coverage for condo owners operating outboard motor boats up to 25 horsepower.

    Additional Coverages

    Your electronics while they’re in a vehicle

    Jewelry, silver, and securities stored in a bank vault

    Extra mortgage expenses after a total loss

    Personal computer data re-creation

    Reward of up to $5,000

    Take the Risk Coach™ Approach

    A 2022 survey found that 96% of survey respondents misunderstood at least one important feature of their auto coverage. More than half misunderstood several. We want better than that for our clients. When you work with our Risk Coaches, you’ll work with a licensed insurance professional who’ll help you get the right coverage at the best price.

     

    Disclosures (Opens in another window)

     

     

     

    Thumbnail image of condo coverage comparison chart

     

    Condo values are at an all-time high. Make sure you protect your investment in yours with sound coverage. This easy-to-understand coverage chart (PDF 678kb) helps you know what to get and why. 

     

    Guaranteed Rebuilding Cost Coverage

    The Coverage A amount shown on the Declarations Page of your condo policy is usually the total amount you would receive to rebuild your unit after a total loss.

    However, Premier Choice Condo increases that cap by 25%. For example, a condo unit that was valued at $350,000 a few years ago and is insured for that amount is destroyed by a fire. Today’s steep inflation could drive up the rebuilding cost to $437,000. Premier Choice Condo’s 125% extended rebuilding cost limit would cover the $87,000 difference so you don’t have to pay out of pocket.

    Debris Removal Expense Coverage

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

    Premier Choice Condo will pay up to 10% of your policy’s Coverage A limit toward the cost of debris removal and cleanup.

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

    Replacement Cost Payment Basis for Personal Property

    Standard condo owner insurance pays personal property claims based on the item’s age and condition – and usually only up to 50% of your policy’s Coverage C amount in total.

    So even if a 15-year-old kitchen set you paid $1,500 for is in great shape, you’d likely only get a claim check for $1,050. And given inflation, it may cost a lot more than the $1,500 you originally paid to buy a new set.

    Premier Choice Condo provides much better coverage. It pays 100% of the cost to replace your belongings with new items of like kind and quality. So you’d be able to replace your kitchen set with a brand-new version.

    Water/Sewer Backup and Sump Pump Failure Coverage

    Most condo unit owners’ policies don’t pay toward repair or cleanup expenses when water/sewer pipes back up into a home or when a sump pump fails and floods a basement. Premier Choice Condo will pay up to $5,000.

    Liability Lawsuit Coverage

    Four big wins for Premier Choice Condo customers:

    1. “Coverage E – Personal Liability” on a standard policy protects you only from claims/lawsuits related to physical injury or property damage. Premier Choice Condo adds coverage for personal injury claims/lawsuits for accidental libel or slander (think social media!).

    2. “Coverage F – Medical Payments to Others” on a standard policy pays toward medical costs that other people accidentally incur both on and off your residence premises because of your actions. Premier Choice Condo includes $10,000 of coverage.

    3. Coverage for volunteer “wrongful acts.” Believe it or not, you can be sued for actions you do while volunteering. For example, if you set up a sound system for a charitable event and an attendee trips over an extension cord and is injured, that person can sue you. This coverage provides up to $10,000 for damages for which you are found legally liable.

    4. Premier Choice Condo also includes liability coverage for policyholders operating outboard boats up to 50 horsepower engines.

    Theft of Money and Precious Metals From Your Home

    Premier Choice Condo increases the coverage amount to $1,000 (from $200 in a standard policy) and adds coverage for money; bank notes; bullion; gold other than gold ware; silver other than silverware; platinum; coins, medals, scrip; and stored value cards and smart cards.

    No deductible applies to this coverage if you make a claim!

    Loss Costs Related to Electronic Payments

    Premier Choice Condo increases the coverage amount to $10,000 (from $500 in a standard policy) and adds coverage for losses arising from credit cards, bank cards, home banking, forgery, and counterfeit money.

    No deductible applies to this coverage if you make a claim!

    Coverage for Jewelry, Precious and Semi-Precious Stones, Watches, and Furs

    Premier Choice Condo raises the standard coverage amount from $3,000 to $10,000 for loss by theft. It also adds coverage for “mysterious disappearance” – such as if you take off a ring to wash your hands in a public restroom and accidentally leave it there.

    Plus, there’s no per-item coverage maximum!

    Silverware and Metalware Coverage

    Premier Choice Condo increases a basic policy’s $2,500 coverage to $10,000 for loss of silverware, silver-plated ware, gold ware, gold-plated ware, pewter ware, platinum ware, and platinum-plated ware. This includes flatware, hollowware, tea sets, trays, and trophies made of or including silver, gold, or pewter.

    It also adds coverage for “mysterious disappearance” – such as when a sterling silver serving spoon accidentally falls into the trash during a holiday cleanup and is never seen again.

    Coverage for Accidental Damage to Another's Property

    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? Premier Choice doubles the standard coverage from $1,000 to $2,000 so that you can reimburse your friend or neighbor – and help keep your relationship intact

    Valuable Papers and Securities Coverage

    Premier Choice raises the coverage for valuable documents (such as securities, accounts, deeds, passports, tickets, manuscripts, etc.) kept in your home from $1,500 in a standard policy to $5,000. It pays toward the cost to research, replace, or restore the information from the lost or damaged material.

    Coverage for Firearms

    Premier Choice Condo doubles the coverage amount from a standard policy’s $2,500 to $5,000 for loss by theft. It also adds coverage for “mysterious disappearance” – such as if your firearm goes missing from your checked luggage at an airport.

    Coverage for Trees, Shrubs, and Other Plans

    Ornamental trees and other plantings can be a significant investment. Magnolia saplings can cost $150 each, a flowering crabapple sapling about $120, and a single heritage rose plant as much as $36. Beautiful landscaping plants can be the target of theft and vandalism, so Premier Choice increases the coverage amount for trees, shrubs, and other plants from a standard policy’s 5% of the Coverage A amount to 10% of the amount. A $1,000 per-tree/shrub/plant maximum applies.

    Utility Trailer and Semi-Trailer Coverage

    Premier Choice doubles the coverage amount of a standard policy and extends up to $3,000 in coverage to utility trailers and semi-trailers you own.

    Incidental Business Coverage

    Small “incidental” businesses (usually run from home) are very popular but can be hard to insure. Premier Choice Condo will extend coverage to businesses with an annual revenue of $5,000 or less.

    Coverage for Loss of Business Data

    Your data is your business’s lifeblood, so damage due to a covered cause of loss to your books of accounts, drawings, or other paper records and to your business computer and related equipment are covered up to $1,000.

    Coverage for Business Property

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

    • Up to $10,000 while it’s on the residence premises

    • Up to $5,000 while it’s away from the residence premises

    • Up to $3,000 for electronic apparatus/accessories (including antennas, tapes, wires, records, discs, or other media) in/upon a motor vehicle. The items must be able to be powered by a vehicle’s electrical system while still capable of being operated by other power sources

    Identity Fraud Expense Coverage and Restoration Services

    ID theft and fraud is a fact of life – 25% of Americans were affected in 2021. This coverage pays up to $25,000 for expenses associated with identity recovery and includes sophisticated restoration services at no charge. The coverage reimburses you for many of the associated expenses – such as wages lost while you work to resolve the issue. The identity restoration service guides you through the steps to identity recovery while doing much of the work on your behalf

    Door Lock Replacement Reimbursement

    If the keys to your home are lost or stolen, Premier Choice will pay up to $500 for expenses you incur to replace the related locks.

    No deductible applies to this coverage!

    Police Department Service Charge Reimbursement

    Municipalities are increasingly likely to charge homeowners for police services when they respond to home burglar alarms or other theft deterrent devices. This coverage pays up to $50 per response and up to $250 per policy period.

    No deductible applies to this coverage.

    Fire Department Service Charge Reimbursement

    If a fire department outside of your residence’s area responds to a call to save your property or prevent damage to it, Premier Choice will pay up to $1,000 for related service charges you incur.

    No deductible applies to this coverage!

    Loss Assessment Coverage

    Condo association fees can include member charges (assessments) related to repair or replacement of damage done to common areas of the association. If your condo association assesses you a fee related to a loss, such as repairs for damage to a tennis court that was damaged when a tree fell on it, this coverage will pay for your portion, up to $25,000.

    Loss Assessment Coverage

    If your association’s master insurance policy covers a loss, you may be assessed (charged) a portion of the policy deductible. If that happens, this coverage will pay up to $5,000.

    Personal Electronics in a Vehicle

    If your mobile phone, tablet, gaming device, or other electronic device or accessory (antennas, wires, discs, etc.) is stolen or damaged while in your vehicle, this coverage will pay up to $3,000 for replacement or repair

    Land Restoration Cost Coverage

    If your home or detached structures (e.g., garage, shed, workshop) sustain covered damages (such as from a fire or windstorm), this coverage would pay up to 10% of your policy’s Coverage A amount toward the necessary replacement, excavation, stabilization, filling, or restoration of the land so that the damaged structure can be repaired.

    Coverage for Valuables Stored in a Bank Vault

    Valuable items you keep in a bank vault or safety deposit box for safekeeping are still subject to theft, fire, tornadoes, explosions, etc. Premier Choice will pay up to $50,000 for loss of those items.

    Extra Mortgage Expenses After a Total Loss

     If your home is destroyed while you still have a mortgage, this coverage will pay toward reimbursing you for any increased monthly mortgage expenses, up to $250 per month. Plus, it will reimburse you for “mortgage acquisition costs” and any legal fees you incur as a direct result of building a new home at the same location.

    Personal Data Recreation Expense Reimbursement

    Premier Choice covers the cost of replacing or re-creating personal data stored on a computer you own, or on its accessories, for up to $5,000 if the data is damaged or destroyed by a covered cause of loss.

    $5,000 Reward

    Premier Choice will pay a reward of up to $5,000 to any person who provides information resulting in the arrest and conviction of any other person who committed arson at a location insured by the policy or who robbed, stole, or burglarized the covered property of any “insured.”

    In addition, if a person assists in the successful recovery of stolen property that’s covered by the policy, Premier Choice will pay that person 10% of the actual cash value of the recovered property, up to a maximum of $5,000.

    Disclosures

    * 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.

    Additional Living Expenses After a Covered Event

    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.

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