At Blue Hen Insurance LLC, we believe in helping our Middletown, DE customers understand the flexibility and customization available in their condo policy. Like other insurance types, insurance riders can enhance condo policies.
What is an insurance rider?
An insurance rider adds a boost of extra coverage or lists a high-value item for full coverage. Standard condo policies begin with coverage for the most common incidents, but everyone has unique needs. That’s why riders are added to policies, ensuring that their specific requirements are covered. Let’s look at the three most common condo insurance riders.
Scheduled Personal Property
Standard condo policies typically cover a small percentage of personal belongings, about 10% to 20% of the condo’s value. This equals about $1,000 of personal property coverage, which may not cover the replacement cost of items like stereo systems or jewelry. By scheduling high-value items, they receive coverage at their appraised value, thereby ensuring adequate protection in case of loss or damage.
Water Backup Rider
While most condo policies cover water damage resulting from plumbing issues in your condo, they do not cover sewer backups. Adding a water backup rider to your policy covers you for damage caused by drain backups and sewer issues.
Loss Assessment Rider
If a named peril causes damage to the entire condo complex, the complex’s insurance will generally cover repair costs. However, the complex can distribute these costs to condo owners through special assessments and fees. By adding loss assessment coverage, you are financially protected from these unexpected expenses.
Contact Us Today for an Insurance Review
Contact Blue Hen Insurance LLC today for a thorough review of your condo insurance. Let us help you shield your Middletown, DE, condo with the protection it deserves.
