The Importance of Personal Property Coverage and How Condo Insurance Can Help With Theft

Condo ownership can represent an exciting and rewarding investment. Although you’re a homeowner with a valuable, tangible asset, you may also enjoy many of the conveniences of renting an apartment, such as limited responsibility for outdoor maintenance and structural upkeep. Still, condo owners must avoid complacency regarding various risks and exposures, as many potential incidents, such as theft and burglary, may still loom as significant threats.

What Is Condo Insurance?

Condo insurance, also known as HO-6 insurance, is a specialized type of coverage tailored specifically toward the needs and circumstances of condo owners. These policies may often include the following protections:

• Unit coverage, such as interior walls and renovations you’ve made

• Personal property coverage, such as for electronics and furniture

• Liability coverage, such as for other parties’ losses for which you’re at fault

• Loss-of-use coverage, such as for alternative accommodations if your condo becomes temporarily uninhabitable

How Can My Policy Address Theft?

Like any type of home, condos are a natural and logical place to keep your belongings, many of which may carry significant value. Unfortunately, break-ins and other criminal acts may inevitably impact homeowners, regardless of security measures of due diligence.

This is where the aforementioned personal property coverage component of your condo insurance becomes critical. This aspect of your policy can establish robust financial protection for you and your belongings. Covered incidents often include theft and burglary, as well as items damaged by fires or certain types of water damage.

If your condo’s contents, such as electronic devices, are stolen, you can file a claim against your policy. If approved, your payout may help to replace the items in question. Additionally, this protection typically extends beyond the physical premises of your home, meaning even if something is stolen while you’re out and about, you may be covered.

Still, you should be aware of possible limitations and exclusions regarding your personal property coverage. Like many insurance policies, your condo insurance typically includes coverage limits. In some cases, standard condo coverage may be insufficient to cover particularly valuable items, such as jewelry, collectibles and fine art. Additional insurance, such as scheduled property coverage, may be necessary for such items.

We’re Here to Help

Contact Educators Insurance Agency in Worcester, Massachusetts, today to learn more about personal property coverage or get a free condo insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.