Condo Insurance in New Jersey
Insuring Your Condo in New Jersey
When you buy a condo in Wall Township, NJ, your building will have some coverage under the condo association. This coverage is necessary but still won’t do much to protect you so you will need to purchase additional insurance. Your coverage needs will vary depending on what your master policy covers. Some associations will have insurance with more options, such as upgrades you do, but many will not. An agent at Creative Risk Management LLC will help you determine what type of coverage you need.
What Does Condo Insurance Cover in New Jersey?
Most policies in Wall Township, NJ will include these common coverages.
- Dwelling: This pays for anything permanently installed in the condo unit that wouldn’t otherwise be covered by the association’s insurance policy.
- Personal Property: This covers items in your condo unit such as clothing, furniture, and electronics if they are destroyed or damaged by a covered loss or are stolen. This will usually also cover your belongings outside your condo, such as those in a storage unit.
- Loss of Use Coverage: If you are unable to live in the condo due to a covered loss then this coverage pays for additional living expenses. These are costs above the normal amount of food, housing, and other expenses.
- Personal Liability: This will pay to defend you in court against some lawsuits and provides you coverage if you are found responsible for damage to someone else’s property or if someone gets injured at your condo.
- Medical Payments to Others: This portion will pay for some medical expenses for those who are hurt at your condo on your property. It can also pay for some accidents and injuries while away from your condo, such as a dog bite at the playground. However, this doesn’t cover your family member’s injuries.
Common losses include fire, theft, vandalism, windstorms, ice, or snow, but there are some things not covered, like flooding.
Contact Creative Risk Management LLC to get a quote on condo insurance.
