Why Premier Choice Condo Insurance Coverage?

In today’s red-hot housing market, there’s a high potential that your condo is more valuable than ever. The median sale price of a condo in the U.S. hit a record-high $319,000 in February 2022, up 14.6% from a year earlier. One factor fueling price growth is that condo buyers are duking it out for a limited supply of properties for sale. In fact, condos are experiencing an even bigger inventory decline than single-family homes. As a result, about 6 out of 10 condo offers written by Redfin agents in February faced competition.

Consequently, now is a great time to review your condo insurance policy and assess your coverage.

First, see what your condo association covers. In order to determine what kind of condo insurance coverage you need, first take a look at your community’s Condo Association Master Policy. This will show you what’s already covered by your condo association. With this information, you can best craft coverage that fits your needs. Standard condo insurance vs. Premier Choice condo insurance. We offer a range of condo coverage options, including a standard policy that can be customized with endorsements. But for those who understand the value of their property and how to best protect it in a cost-effective way, we offer Premier Choice condominium coverage.

Must-have coverages and features. Premier Choice provides 14 additional types of coverage, 6 more features, and 17 higher protection amounts than a standard condo insurance policy does, giving you more confidence in your coverage.

One major advantage of a Premier Choice policy is how claims are settled if your property and/or belongings are damaged by a covered event. A standard policy pays claims based on the current market value of your home or item, with depreciation factored in. Premier Choice, on the other hand, provides “replacement cost value” (RCV) coverage, meaning claims are settled based on the amount of money it would take to replace your damaged belongings with the same or similar goods in today’s market, with no depreciation lowering your claim settlement.

That makes Premier Choice superior coverage, particularly right now with inflation at a 41-year high.

Another key difference between standard and Premier Choice coverage? Premier Choice covers the structure of your condo above your structure limit—up to 125% of it. This helps ensure that you can fully repair or replace your damaged property without having to use inferior on materials or hire a less qualified or even shady contractor. It’s an important coverage feature to have, especially if your condo association’s master policy covers only up to the studs in your walls.

Premier Choice comes with personal injury claims protection. It’s all too easy for your comments or actions—or even your children’s comments or actions—to be misconstrued and cause someone to file a lawsuit or claim against you for “personal injury,” a term that refers to a nonphysical injury such as invasion of privacy, wrongful entry, emotional distress, harassment, libel, slander, or wrongful eviction. Our Premier Condo coverage provides personal injury claims protection; a standard condo insurance policy does not.

Premier Choice’s secret weapon: protection from the impact of identity fraud. Our Premier Choice policy includes coverage that applies to expenses incurred while you work to restore your identity. It’s an important protection, especially considering that identity theft and fraud reports are on the rise: The Federal Trade Commission received 4.8 million consumer fraud and identity theft complaints in 2020, up 45% from 2019.

Learn more about our Premier Choice condo insurance. For more details on our Premier Choice condo insurance policy, including a side-by-side comparison of our standard condo insurance and our Premier Choice insurance, click here.

Our Risk Coaches™ are standing by to help you add Premier Choice coverage to your condo insurance policy. They’re glad to help you navigate the often-perplexing world of insurance coverage to find what's best for you. Contact your local Risk Coach professional or call us at 800.342.5342, Monday through Friday from 8:00 a.m. to 8:00 p.m. ET

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 800.227.2757. If there are discrepancies between the information on this site and the policy, the terms in the policy apply.

Electric Insurance Company Risk Coaches 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.