Condominium owners insurance can protect you and your unit from the unexpected. If your condo is damaged, your belongings are stolen or someone gets injured at your home, it can help cover repairs or replacement, temporary housing, medical bills, legal fees and more.

A condo policy is recommended for anyone who owns a condo, and may even be required by your mortgage lender. Your condo association may also have its own coverage requirements, which may reflect your community by-laws, rules and coverage gaps in the association’s insurance policy (or master policy). And in certain areas, you may need separate policies or coverage to help protect your condo and personal belongings against damage due to floods, earthquakes, windstorms or hail.

Most policies have 3 key elements: the premium which is how much you pay for coverage, deductibles which are how much you’re responsible for out-of-pocket in the event of a covered claim, and limits which are the most your insurer will pay for a claim.

Condo insurance is coverage you hope to never have to use, but if the unexpected happens, it can help you restore your life back to normal.

The condominium unit owner policy can also protect your property against many types of theft loss in your condo or anywhere in the world. Also included is coverage that can pay for theft from your unattended car or boat.

Most condo policies include special limits of liability for certain types of property. For example, $200 for money and coins, and $1,000 for theft of jewelry, watches or furs. You generally can choose to increase these amounts.

If a claim is brought against you or you are sued for accidentally hurting other people or damaging their property, liability coverage can help to cover the associated legal costs and related damages. Most condo unit owner policies provide $100,000 (minimum) in personal liability coverage for covered bodily injury and property damage sustained by others for which you or covered residents of your household are legally responsible.

Most liability coverage can pay up to $1,000 per person in necessary medical expenses — regardless of your legal responsibility — for guests who are accidentally injured on your property. It also can provide coverage in other situations as well. Higher coverage amounts are available.

Generally, should you accidentally damage someone else’s personal property while that property is in your care, your condo owners policy can pay up to $1,000 for each covered occurrence.

If your unit is damaged and you have to move out while it’s being repaired, loss of use coverage can help. The policy can pay for additional necessary living expenses (which can include hotel, meals, laundry, etc.), up to a percentage of the contents coverage amount you selected. This is subject to coverage terms and limits.

A condo unit owner’s policy can also provide coverage in other situations as well. According to your condominium declaration and/or bylaws, and/or the state where you live, you may be responsible for interior parts of your unit such as glass, walls and doors. Additions, alterations and other improvements made to your unit can also be covered up to the dwelling coverage limit.

Generally, condominium insurance can provide up to $1,000 of protection if damage to commonly owned property exceeds the amount of coverage in the condominium association’s insurance policy. If your condo association assesses all unit owners for the additional loss (or for personal liability claims against the association), this coverage can help. This amount may be increased.

You may own other structures that are not part of your condo unit, such as a carport, detached garage or storage shed. If these structures are not considered to be common property, they generally are not covered under your association’s insurance policy. Coverage options may be available as part of your condo policy.

Special personal property coverage provides “all-risk” protection for your possessions. This generally means that your personal property can be covered when damaged in many situations, regardless of the cause of loss. This is subject to coverage terms and limits.

Personal property replacement cost loss settlement provides for settlement of covered personal property losses based on replacement cost at the time of loss, with no deduction for depreciation. The coverage is subject to applicable policy limits and deductibles, and special limits apply to certain items such as jewelry, watches and furs.