Understand what your condo association covers and what it doesn’t
It’s all about you!
If you own your condo, its not just home-sweet-home – its also a major investment. You want to make sure you understand what your condo association covers and what it doesn’t. Because every association (and every customer) is a little bit different, we put the choice in your hands. You can customize our Condo policy with optional endorsements to add coverage or change they way your settlement would be handled if you suffer a loss.
POLICY FEATURES
Our base policy includes the following:
- Personal Property – Personal Property includes things like clothes, electronics, furniture, etc. It’s up to you how much coverage you want.
- Unit Owner’s Building Property (UOBP) – This coverage applies to your condo unit. It is intended to cover the parts of your home that the condo association doesn’t cover – things like building additions and alterations, fixtures and appliances, etc. See the policy for more information about what’s included in UOBP coverage.
- Additional Living Expenses – This applies if a covered loss makes your residence not fit to live in. Your insurance will pay the actual, reasonable and necessary increase in expenses during that time, up to policy limits that you choose.
- Loss Assessment – This coverage applies if a claim is made against you or a suit is brought against you for damages due to bodily injury or property damage caused by an accident for which you are legally liable.
INSURANCE ISN’T ONE SIZE FITS ALL! GUARDIAN ASSURANCE GIVES YOU THE FLEXIBILITY TO TAILOR YOUR POLICY TO CREATE THE LEVEL OF COVERAGE YOU WANT.
SETTLEMENT METHOD
Our base policy has an Actual Cash Value settlement provision. Actual Cash Value is the amount it would cost to repair or replace your property with new property of like kind and quality, with a deduction for depreciation. We also offer optional Replacement Cost; Replacement Cost is the cost to repair or replace property without deduction for depreciation, with new property of like kind and quality.
OPTIONAL ENDORSEMENTS
The choice is yours! You can stick with the base policy, or customize it by purchasing optional endorsements and coverages, such as:
- Optional Replacement Cost on Personal Property
- Optional Comprehensive Coverage
- Water Back-Up of Sewers or Drains
- Identity Theft Expense Management