Condo insurance does not cover the structure itself. Condo coverage is a walls-in policy, which means your personal property and interior fixtures will be covered in the event of a loss. Fixtures include flooring, drywall, cabinetry, countertops, and lighting. Your premium is based on your loan value with a 30% minimum, but each lender’s requirements are unique.
All Paine Insurance Group policies are based on replacement costs, not actual cash value. Replacement cost doesn’t include depreciation, which means we will replace your loss with the newer version.
Your policy will state 1% deductible per occurrence for All Other Perils – (Everything Except Flood).
ASK YOUR AGENT ABOUT THE FOLLOWING COVERAGES
Personal property coverage is for everything that you take into your home like furniture, clothes, and everything in between. If you were to flip your home upside down, everything that falls is considered your personal property.
LOSS OF USE
Loss of use coverage goes towards your cost of living in the event you have to leave your home for repairs to be made. Hotel, meals, and extra living expenses up to 12 months are included, with the option to increase to 24 months.
Personal liability insures you against lawsuits for damages or injuries you or your family may cause on or off your property. From swimming pool accidents to playground fights, your legal fees are covered under your personal liability.
Medical payments cover any medical expenses incurred by other people on your property. If your water hose is laying on the sidewalk and your neighbor trips, falls, and breaks his leg, then your medical payments coverage will cover his medical expenses.
You don’t have to be purchasing a new home, refinancing, or buying a new car to get an insurance quote.
Questions? Call us now for inquiries: 972-387-9217
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