Condominium Insurance Coverage Limits
Like all homeowners policies, condominium unit owner policies have maximum limits we will pay for loss to specified types of property (these limits can vary). It's important to understand these limits and how they apply.
Something to Keep in Mind
Here is a typical list of the types of property that may have "special limits" in a condominium unit owners policy:
- Money, bank notes, coin collections
- Business property
- Watercraft including trailers, accessories, motors, personal effects and equipment
- Silverware and goldware (applies to theft or loss only)
- Computer software
- Furs and jewellery (applies to theft or loss only)
Limits are applied because it's the fairest to all policyholders.
An example: Since most people don't own an expensive collection, it would be unfair to force everyone to share in the losses of people with those expensive collections such as coin collections or silverware.
For advice on what kind of insurance is best for you, your State Farm® agent can help.
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This content is only a general description of coverages and is not a statement of contract. All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and any endorsements.