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 safe guard 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.

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.

Have a question? Get an answer. Learn more at ehd-ins.com or call us toll-free 1-800-544-7292. Our experienced insurance and risk management professionals would be happy to answer your questions, help you explore your options and develop a customized strategy for you and your organization.

About EHD

Established in 1896, Engle-Hambright & Davies, Inc. — now EHD — is one of the most respected insurance brokers and advisors in Pennsylvania and one of the largest and most reputable full-service insurance brokers in the United States. We have offices in Exton, Lancaster, Pittsburgh and Reading and offer commercial insurance, employee benefits, personal insurance and risk management services to businesses, non-profit organizations, public agencies and individuals throughout Pennsylvania, New Jersey, Delaware, Maryland and Ohio.

EHD has access to all regional, national and international markets, holding preferred status contracts among many insurers, which provide the leverage to negotiate the most favorable coverage and financial terms for our clients. We are absolutely committed to client service, and our staff of over 100 insurance professionals is among the most experienced and knowledgeable that you will find anywhere. It is no wonder why we are the partner-of-choice for over 5,000 organizations, with a client retention rate that approaches 100%.

Learn more at EHD-Ins.com or call 1-800-544-7292. Note: not intended to be exhaustive, nor construed as legal advice. Readers should contact legal counsel and/or an EHD insurance professional for appropriate advice. Original content source: © Zywave, Inc. All rights reserved.