Note: Most carriers minimum dwelling coverage is $30,000.
Your dwelling coverage amount may vary depending on your condo association's bylaws. You may want to check with your association to see what their requirements are, and if the association insures for anything inside your unit.
Typically, the association will pay to restore the unit to its original construction, if the damage is caused due to a loss listed on your association's bylaws. If the unit has undergone any upgrades, (i.e. floors, countertops, sinks, baths, cabinets, fixtures, appliances, etc.) from its original construction, your HO6 policy provides coverage for the increased replacement value of these items. If the damage caused is not due to a loss listed with your association, your HO6 policy provides the coverage if the damage is a covered loss on your policy.
On insurance documents, this is called Coverage C - Personal Property. This is the total value of your personal property inside your unit, excluding appliances. Items such as furniture, electronics, housewares, kitchenware, clothes, toys, art, etc.
Simply make your best estimate as to the total value of all your belongings. We can assist you with this total when we review your quote with you.
Loss of use is used to provide for living expenses or lost rental income if your unit becomes uninhabitable. Typically covered items include temporary hotel or apartment, moving expenses, laundry expenses, and excess of normal grocery or restaurant bills. If you rent your unit, Loss of Use provides for loss of rental income usually totaling a 12 month period.
Example: If you rent your unit for $4000/mo., your total Loss of Use would be $48,000. (4000 x 12 = 48,000)