What does a condo policy cover?
Many condominium associations insure the building itself, but as a condo owner, you are responsible for your individual unit.
A condo insurance policy generally includes coverage for:
If a covered loss causes damage to your unit's cabinetry, dry wall, fixtures or improvements that are part of the building contained within your unit, dwelling coverage would provide coverage up to the policy limits. Most policies offer a limited amount of dwelling coverage. Your Farm Bureau Insurance agent can review your policy limits and may recommend raising the basic limits depending on your specific needs.
Similar to a homeowner's policy, a condo insurance policy offers personal property coverage, which provides protection for items like your furniture, clothes, dishes and other personal property you own. The amount of coverage is based on a limit that you select.
Loss of Use
If a covered loss damages your condominium to the point where it's not safe to stay there, you'll need to find another place to live while repairs are made. A condo policy includes Loss of Use coverage to help pay for additional living expenses (up to the limits of your specific policy) if your home becomes uninhabitable due to a covered loss.
Accidents may happen when someone is visiting your condominium. Personal Liability coverage provides protection against claims or lawsuits filed against you for accidental bodily injury and property damage for which you are legally liable.
Medical Payments to Others
If someone is injured while visiting you and they need medical attention, a condo policy will cover reasonable and necessary expenses, up to the policy limits. The injured person must be an invited guest who does not live with you.
If your condominium association levies an assessment against you, Loss Assessment coverage is available under a condo policy subject to the terms and conditions of the policy. Review your policy limits with a Farm Bureau Insurance agent who will help you determine if additional coverage may be needed based on your specific situation.
Additional Coverage Options
We offer several endorsements that can be added to your policy, including:
- Boat and ATV (All Terrain Vehicles) Endorsement: This endorsement may be right for you if you would like to purchase physical and/or liability coverage for a small boat or an all terrain vehicle.
- Personal Property Floater: This floater provides additional coverage over what is provided for within your condominium's policy for valuable items, such as jewelry, silverware and guns. Your local Farm Bureau Insurance agent can review your policy limits and help you determine if a personal property floater is right for you.
- Seasonal Condo Rental to Others: This endorsement may be necessary if you plan to rent your condo or do not live in the unit throughout the year.
- Identity Fraud: If you're a victim of identity theft, you don't want to be left holding the bill to clear your credit history and restore your name. An Identity Fraud endorsement to your condo policy pays for covered expenses (up to the limits of the policy) to help you restore your identity.
This information is only a general description of the available coverage and is not a contract. All coverage types are subject to availability and qualifications.