Not all Goodyear Condo Insurance policies are created equal
In many condominium communities in Goodyear and surrounding areas, the condo association insures the basic building and exterior (walls, roof, floors, elevators) but leaves you the responsibility of insuring appliances, flooring such as tile and carpeting, cabinets, wall coverings, light fixtures, appliances, and other items in your unit, and in some instances the interior wall). Again, we cannot emphasize this enough, review and retain a copy of your condo association’s master insurance policy and CCR’s to determine the specific coverage their policy will provide in the event of a loss. Know your coverage.
Building property coverage is also known on condo insurance policies as Coverage A. *Building Alterations, additions and improvements to your unit as well as fixtures and equipment installed as part of the building are typically your responsibility and should be insured under your own condo insurance policy. If you are unclear, review your condo association documents.
This condo insurance coverage protects personal property in your home like clothes or furniture. It also provides protection for your personal property with you while away from home in many places throughout the world. In the event of loss or damage of any of your private property within the condo, you are responsible. Our recommendation is to calculate all your personal belongings inside your unit for replacement cost, which is the cost to replace the item, not its depreciated value. This would be everything from your socks to your flat panel TV and everything in between.
Loss of Use Coverage
Should a fire, explosion, tornado or other insured loss severely damage your unit, you could need a substitute place to stay. Loss of Use coverage will cover the necessary increase in cost to maintain your standard
of living. The amount of coverage is either a dollar value or may be limited to your actual costs for up to a specified time.
Personal Liability Protection
Personal liability coverage protects you if others make a claim or bring suit against you for bodily injury or property damage for which you or a member of your family are responsible, either in your home or elsewhere and to which coverage applies.
In addition to settlement costs, this coverage may pay defense costs and court costs — even if a suit brought against you is groundless.
It is essential that you select liability limits high enough to protect your assets.
If you need more protection than your regular policy limits, consider a personal liability umbrella policy.
Guest Medical Protection
This coverage pays medical expenses up to the limits in the policy for people who are on your premises with your permission and accidentally injured. The coverage also extends to people accidentally injured by your activities. However, the coverage does not pay for medical expenses for you or members of your family that live with you. Loss Assessment. If your association requires an assessment onto all unit owners for a certain covered loss, this policy would pay for your share, up to your policy limits.