Not all condo’s are standard, and not policies cover the unique insurance coverages you may need.
Some unique coverages that you may not find on your policy.
Top 5 unique insurance coverages:
- Liability for functions such as Liquor, security, and workers compensation for uninsured contractors
- Watercraft and marine liability. some condos have water and marina exposures.
- Automobile liability- even if the association does not have an auto, it has an exposure. see Hired and non owned auto liability.
- contingent business interruption. You may have loss of income coverage for loss due to direct damage, but what happens if the loss is related to an off premises loss.
- cyber security- You keep a lot of very valuable and private information. If that security is breached? Do you have coverage?
There are lots of things to think about before you finalize your policy. Tell your insurer about all the things that worry you.