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The Condominium owners policy covers only the personal property of the
insured. There is no insurance on the building because the Condo Association
carries this coverage on a master policy for all property owned in common
by the owners of the units.
There is $5000 Coverage A provided for the building improvements and
alterations which are the responsibility of the individual Condo owner.
This coverage can be increased as needed.
New York Central will provide coverage for losses due to:
- Fire or Lightning
- Smoke Damage (except smoke from industrial operations)
- Windstorm or Hail
- Collapse of Building from specified causes. Also loss due to
falling objects from an outside source.
- Water Heating System or hot water heater losses. For
example, the sudden explosion, cracking or burning of
such equipment or appliances.
- Water Escape or Freezing losses from leaking, overflow of water
or freezing of plumbing system.
- Vandalism
- Theft
The condominium coverages are as follows:
| Coverage A |
Dwelling: Building improvements
or alterations which are your insurance responsibility ($5000 automatic
coverage) |
| Coverage C |
Personal Property |
| Coverage D |
Loss of Use:
Reimbursement for additional living expenses for covered loss (50% of Coverage C) |
| Coverage E |
Personal Liability: On or off premises |
| Coverage F |
Medical Payments to Others: On premises, coverage for someone other than
insured if hurt or injured on your property |
You have some special options:
Loss assessment can be increased over the $5000 basic coverage provided,
to cover the insured if they are assessed for a loss not covered by the
Condo Association, if it is a covered peril under the condo owner's policy.
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