Your Insurance Questions Answered
Explore our comprehensive FAQ directory for all insurances.
How does commercial umbrella insurance work with general liability?
It extends the coverage of general liability policies.
Does commercial umbrella insurance cover employee injuries?
No, it does not cover employee injuries.
Can small businesses benefit from commercial umbrella insurance?
Yes, it offers critical protection for small businesses.
Can commercial umbrella insurance help with legal defense costs?
Yes, it can cover legal defense costs.
How do I determine the right amount of coverage?
Assess your business risks and potential liabilities.
Does umbrella insurance cover claims outside the U.S.?
It depends on the policy terms.
Can I add umbrella coverage to an existing policy?
Yes, you can add it to existing policies.
What industries benefit most from commercial umbrella insurance?
High-risk industries benefit the most.
Is there a deductible for commercial umbrella insurance?
Usually, there is no deductible.
How does commercial umbrella insurance protect business assets?
It prevents financial losses from large claims.
Does umbrella insurance cover product liability claims?
Yes, it can extend product liability coverage.
Does condo insurance cover water damage?
It typically covers water damage from internal sources like burst pipes, but coverage for external flooding requires separate flood insurance.
What is loss assessment coverage?
This covers your share of assessments charged by the HOA for covered losses to common areas or liability claims that exceed the master policy's limits.
What's the difference between condo insurance and HOA master policy?
Condo insurance (HO-6) covers your unit's interior, personal belongings, and liability, while the HOA master policy typically covers the building's exterior and common areas.
How do I determine how much coverage I need?
Calculate the value of your personal belongings, interior improvements, and consider your liability needs. Also review your HOA's master policy to identify coverage gaps.
Are special assessments covered by condo insurance?
Only special assessments resulting from covered perils are included. Assessments for maintenance or improvements typically aren't covered.
What's the difference between actual cash value and replacement cost?
Actual cash value pays depreciated value of items, while replacement cost covers the full cost to replace items at current market prices.
Does condo insurance cover temporary living expenses?
Yes, most policies include loss of use coverage for additional living expenses if your unit becomes uninhabitable due to a covered loss.
What liability coverage is included in condo insurance?
It typically covers injuries to visitors in your unit, damage you cause to others' property, and legal defense costs.
How does condo insurance work for renters?
Renters should obtain renters insurance; the unit owner's condo policy doesn't cover tenants' belongings or liability.
What happens if my upstairs neighbor's pipe bursts?
Coverage depends on the source and circumstances. Your policy might cover your unit's damage, or the neighbor's policy might be responsible.
Are home businesses covered under condo insurance?
Standard condo policies provide limited coverage for home businesses. Additional coverage may be needed for business equipment and liability.
What types of natural disasters are covered?
Typically covers fire, wind, hail, and lightning damage. Earthquakes and floods require separate policies.
How does building code coverage work?
It covers additional costs to repair/rebuild according to current building codes when making covered repairs.
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