Chubb Masterpiece® Condo and Cooperative (Co-op) policies offer what’s called all-risk coverage. That means fire, smoke, water, sewer backup, windstorm, burglary…pretty much anything that can happen. What if something happens outside that’s covered by your association policy, say, a storm rips the roof off? The association policy will take care of the roof, but not your exotic hardwood floors that were ruined by rain. Or a fire destroys the lobby but your condo suffered smoke damage? Chubb condo policy coverage goes where your association coverage usually doesn’t.
Their policies automatically include Additions & Alterations Coverage. That gives you coverage for improvements (like your bathroom renovation) for the amount it would cost to replace today, up to your policy limit. In some states, you can purchase Extended Replacement Cost coverage, which extends beyond your policy limit if necessary to rebuild or restore your home.
Lastly, for some losses covered by your condo association policy, you may still need to kick in for the deductible, which can be huge. Not with a Chubb condo policy. It includes generous coverage up to $50,000 for your share of a loss assessment. (might be a good place to define loss assessment).