What Protection Does Condominium Insurance Offer?

MyTPG Blog
Published: 06/17/21 5:00 AM

Title image for What Protection Does Condominium Insurance Offer? showing a street with two-story condominiums on both sides of the street.

What Protection Does Condominium Insurance Offer?

This article was published on: 06/17/21 5:00 AM

If you own a condominium or co-op, you have both common and personal insurance needs. We have the coverage solutions to help meet your unique homeowner needs. But you may be wondering, “What Protection Does Condominium Insurance Offer?”

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Disclaimer: This brochure is provided for informational purposes only. The information provided herein is not intended to be exhaustive, nor should it be construed as advice regarding coverage. Eligibility for coverage is not guaranteed and all coverages are limited to the terms and conditions contained in the applicable policy.

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Top Ways to Save On Your Premium

  • Consider raising your deductible.
  • Invest in a home security system.
  • Update exterior locks to dead bolts.
  • Install smoke alarms.
  • Select an automatic payment method.
  • Monitor your credit rating.
  • Ask about our multi-policy discounts.

What Protection Does Condominium Insurance Offer?

A condominium/co-op insurance policy is designed specifically to meet your unique homeowner needs, including coverage for your personal possessions, structural improvements made to your living space and additional living expenses incurred due to an accident.

When selecting condo/co-op coverage, it’s important to determine what is covered by your association’s master policy and what items are your responsibilities. Typically, your condo/co-op association carries an insurance policy for common areas, such as the lobby, walkways, boiler, basement, etc.

Property Protection

A personal condominium/co-op policy will help to safeguard you from losses to your personal property and the interior of your unit. As such, you will need to estimate:

  • The cost to repair or replace the inside of your home if it were damaged
  • The cost to replace the contents of your home

We recommend insuring your personal property for its replacement-cost value to help you replace yesterday’s purchases at today’s price tags.

Liability Protection

In addition to your belongings, the liability-to-others portion of your policy covers you against lawsuits for bodily injury or property damage that you or a family member—and some cases, pets—cause to other people. It pays for both the cost of litigation and any court awards, up to the limit of your policy, and covers you at home or away.

Additional Coverages to Consider

Unit assessment coverage: This coverage reimburses you for the expense passed on to you by the association as long as the cause of loss was covered by the association’s policy.

Sewer backup: This coverage insures your property for damage by the backup of sewers and drains (does not include flood protection).

Flood or earthquake: These can strike anywhere, so it’s important to understand your risks and check into coverage options.

Speak with our specialists now by calling 909.466.7876 and see how TPG Insurance Services can exceed your expectations with our customer service and our tailored insurance policies. Read more about Condominium Insurance by visiting our website, or find out more about our Personal Insurance coverages today!

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