Most coverages in a condo insurance policy come with a deductible, and all coverages are subject to limits. It's important to know what these terms mean and how they work if you need to file a claim.

What is a condo insurance deductible?

When you file a claim for a covered loss, you may be responsible for a set amount, called a deductible, before your insurance helps pay to repair or replace whatever is damaged or stolen. You choose your deductibles when you purchase your condo insurance coverage, and your Allstate® agent can help you adjust them to fit your needs. Your deductible for each coverage is listed in your condominium owners insurance policy declarations.

For example, suppose a candle falls in the bedroom of your condo and starts a small fire that causes $5,000 worth of damage to your furniture and drapes. If your personal property deductible is $500, then the insurance will pay up to $4,500 to replace the damaged property and you will pay $500.

Not all coverages have a deductible. However, a deductible always applies to a personal property claim. Typically, choosing a higher deductible results in a lower insurance premium, while you may pay a higher premium if you set a lower deductible.

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What is a coverage limit?

Your coverage limit is the maximum amount Allstate will reimburse you for a covered claim. Each coverage in your condo owners insurance policy has a limit. You set your coverage limits when you purchase a condo insurance policy.

It's important to understand how much your belongings are worth so you can choose appropriate coverage limits. Your limits are listed in your policy declarations. Your local Allstate agent can help you choose or adjust your coverage limits to fit your needs.

Certain types of belongings, such as expensive jewelry, may have lower coverage limits. For example, even if you have $50,000 in personal property coverage, your policy may have a $1,000 coverage limit per single jewelry item and a $5,000 coverage limit for all of the jewelry owned in total, which may not be enough to reimburse you if your jewelry is stolen. An agent can help you review additional insurance options for those types of belongings.