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What coverages are available?
State Farm® understands that every situation is unique. This is why there are so many different coverages available. Please note that this is a general description, and that the details of coverage or limits explained below may vary in some provinces.
State Farm's Condominium Unit owners policy insures your items of real property, including building additions and alterations, installations or additions which are part of your unit and are your insurance responsibility according to the governing rules of the condominium association*.
*Improvements to your unit as well as fixtures and equipment installed as part of the building may or may not be your insurance responsibility. Association documents should be checked.
This coverage protects personal property in your home like clothes or furniture. It also provides protection for your personal property with you while away from home in many places throughout the world.
Loss of Use
Should a major fire, explosion, tornado or insured catastrophe severely damage your unit, you could need a substitute place to stay. Loss of Use coverage will cover the necessary increase in cost to maintain your standard of living. The amount of coverage is either a dollar value or may be limited to your actual costs for up to a specified time. You should review your limit with your agent.
This valuable coverage is uniquely designed for owners in condominiums/ associations. It recognizes the potential for owners to be assessed for certain kinds of loss.
Here are examples of circumstances that might require the condominium/ association to assess all unit owners:
- Someone is seriously injured on common property (perhaps at a swimming pool) and the courts award a judgment that's higher than the amount of liability coverage provided by the condominium/association policy.
- Major damage occurs to commonly owned buildings and it is not fully covered by insurance.
In either case (and other similar cases), loss assessment coverage would pay your share (up to stated amount). You should review the need for this coverage with your agent and buy an appropriate amount of coverage.
Personal liability coverage protects you if others make a claim or bring suit against you for bodily injury or property damage for which you or a member of your family are responsible, either in your home or elsewhere and to which coverage applies.
In addition to settlement costs, this coverage may pay defence costs and court costs -- even if a suit brought against you is groundless.
It is essential that you select liability limits high enough to protect your assets.
If you need more protection than your regular policy limits, consider a personal liability umbrella policy. It adds an extra layer of personal liability protection to your car policy, your boat policy (if you have one) and your condominium unit owners (homeowners) policy.
Medical payments coverage, typically $1,000 to $5,000 per person injured, is usually provided along with personal liability coverage. This pays medical bills of others injured in your home even though you may not be responsible for their injury.
Medical Payments to Others
This coverage pays medical expenses up to the limits in the policy for people who are on your premises with your permission and accidentally injured. The coverage also extends to people accidentally injured by your activities. However, the coverage does not pay for medical expenses for you or members of your family that live with you.
If you own a home in a condominium / association but rent it to others all or most of the time, special insurance arrangements also can be made.
Contact your agent for a complete review if you are in this situation.
This coverage automatically increases the amount of insurance coverage on your building property and personal property as inflation changes the cost of replacing your property. The changes are based on the movement of an inflation index and are reflected in the premium on each renewal.
Additional Living Expenses
This coverage pays for the actual loss incurred for necessary increased expenses over and above what you normally spend for food, shelter, and related items for the shortest time required to repair or replace the premises, or for your household to settle elsewhere up to 24 months.
Fair Rental Value
This coverage pays for the actual loss sustained for rental income from that portion of your condominium unit that is rented to others or held for rental for the shortest time required to repair or replace the part of the premises rented or held for rental, up to 12 months.
This coverage pays for reasonable expenses incurred to remove covered damaged property following a covered loss.
This coverage pays for temporary repairs incurred to protect covered property from further damage.
Trees, Shrubs and Other Plants
This coverage pays for damage caused by fire, lightning, explosion, riot, civil commotion, aircraft, vehicles (not owned or operated by a resident of the residence premises), vandalism, malicious mischief, or theft. Limit for this coverage is 5% of Coverage B -- Personal Property limit of liability not to exceed $500 for any one tree, shrub or plant.
Fire Department Service Charge
This coverage pays up to $500.
Credit Card or Bank Fund Transfer Card, Forgery and Counterfeit Money
This coverage pays for certain losses up to $5,000.
May cover loss to the contents of an on-premises refrigerator or freezer resulting from power or mechanical failure.
Covers loss to a covered building and covered property in a building resulting from volcanic blast or airborne shock waves, ash, or lava flow.
This coverage my pay for damage to property resulting from building collapse caused by certain perils.
This coverage pays for re-keying the exterior locks to your home if the keys to those locks are part of a covered theft loss.
This includes expenses we may incur defending a lawsuit brought against you for damages covered under the policy.
First Aid Expenses
Provides for first aid expenses for people other than an insured for bodily injury covered by the policy.
Damage to the Property of Others
This coverage provides payment up to $500 payment of certain property damage to property of others accidentally caused by an insured.
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