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> Condominium Owner's Insurance
> Co-op Owner's & Renter's Insurance
> Personal Umbrella Insurance

Homeowner's Insurance

CM&F Group offers a variety of homeowners insurance policies. This insurance is designed to return your home and possessions back to the same condition they were in before a loss occurred. There are several different types of homeowners policies from a variety of insurance companies and not all coverages are the same or are available in all states.

The amount of coverage assigned to your dwelling should reflect the amount it would cost to completely repair or rebuild your home should it suffer a covered loss. Your personal possessions such as furniture, clothing and appliances are covered. Certain types of possessions are excluded or have limited coverage.

A homeowners insurance policy provides protection from the following perils:

Exclusions
A standard homeowners policy does not provide coverage for the following perils:

Optional Coverages
There are a number of optional coverages (also called endorsements) which enhance your basic homeowners policy either by adding or removing certain coverages. Some of the more common add-on coverages include:

For more information about our Homeowners Insurance policies and/or an application please contact CM&F Group at 1-800-397-3008, ext # 241 or via email on the "Contact Us" section of this site.

Condominium Owner's Insurance

If you think insurance for your condominium is covered by your association fees, think again. Typically, your monthly condo fees are used to fund a building insurance policy. If your unit is robbed or damaged, your building insurance will not provide any coverage for your personal possessions, nor will it offer you any protection from personal liability.

To protect your belongings and yourself, you need to purchase a personal home insurance policy which is designed for condos.

Insuring The Building
Condo owners should first review their association's master insurance policy to find out what that policy covers, and what it doesn't. In most cases, that building insurance policy should cover common areas such as the hallways, roof, basement, elevator, boiler, and common walkways, for both liability and physical damage. Condominium associations can also obtain coverage for sewer backups, seepage, floods, earthquakes, employee dishonesty, and changes in municipal rules and regulations. For older buildings, another option is liability coverage for claims resulting from exposure to lead-based paint.

In some cases, the building association's insurance policy also covers the standard fixtures in each unit. The condo owner might only be responsible for personal property inside the unit and for any additions or alterations made to the original structure, such as new carpeting. In other situations, the building policy covers only the bare walls, leaving condo owners responsible for insuring anything inside a unit such as cabinets, carpeting, and bathroom fixtures.

Insuring The Condo And Your Belongings
Under the general terms of HO-6 condominium owner coverage, your policy should cover your personal property from the following perils:

A basic condo policy should also provide liability protection for incidents such as someone tripping and falling while in your unit. In addition, if a covered peril should make your condo uninhabitable, your policy should include a provision to cover the additional living expenses you incur when you have to temporarily live somewhere else. When discussing your policy with your agent or insurance company, make sure you have enough liability coverage.

Options To Ask About
Cash or replacement value: You can insure your personal possessions for either the cash value or their replacement cost. With cash value coverage, you receive the value of the item minus depreciation, while replacement value pays the current cost to replace the item.

Deductible amount: What level of deductible can you afford? A higher deductible can mean lower insurance premiums, but if something happens, be prepared to pay out that high amount.

Unit or loss assessment: If your condo building is damaged by an insured disaster or its members are sued, and the cost of that damage is not fully covered by the association's policy, this type of coverage would pay for your share of an assessment charged to all unit owners.

Flood or earthquake: Most standard homeowners policies do not include coverage for either floods or earthquakes. If you live in an area where either might occur, consider adding coverage. Many homeowners, condo owners and apartment dwellers opt out of such protection.

Floaters: Most policies set limits for items like jewelry, collectibles, and computers. If you own expensive items, you can pay extra premiums to have those items fully insured under what is called a floater. Without a floater, a policy will cover such items only under general categories and offer reimbursement up to a maximum of only a few thousand dollars (limits vary).

Discounts: Insurance companies offer an array of discounts. Factors that could reduce your premiums include smoke detectors, alarm systems, deadbolt locks, closed-circuit television, a secured-entry system or a doorman. If you insure your unit with the same company that underwrites your building's insurance policy, you might get an additional reduction in premium. You could also qualify for a multi-line discount if you purchase your co-op and auto insurance from the same company. More discounts might be available depending on your age or whether you're a non-smoker. Building location and amenities also play a role in your rates. Typically, the better quality and newer the dwelling, the lower your premiums will be.

For more information about our Condominium Owner's Insurance policies and/or an application please contact CM&F Group at 1-800-397-3008, ext: 241 or via email on the "Contact Us" section of this site.

Co-op Owner's & Renter's Insurance

Co-op Insurance

To protect your belongings and yourself, you need to purchase a personal home insurance policy. If you think insurance for your co-op is covered by your monthly fees, think again. Typically, your monthly fees are used to fund a building insurance policy. If your unit is robbed or damaged, your building insurance will not provide any coverage for your personal possessions, nor will it offer you any protection from personal liability.

To protect your belongings and yourself, you need to purchase a personal home insurance policy, which is designed for condos and co-op apartments. Insurance regulators say it's crucial to have personal home insurance, if you live in a co-op or apartment.

Insuring The Building
Co-op owners should first review their association's master insurance policy to find out what that policy covers, and what it doesn't. In most cases, that building insurance policy should cover common areas such as the hallways, roof, basement, elevator, boiler, and common walkways, for both liability and physical damage. Co-ops associations can also obtain coverage for sewer backups, seepage, floods, earthquakes, employee dishonesty, and changes in municipal rules and regulations. For older buildings, another option is liability coverage for claims resulting from exposure to lead-based paint.

In some cases, the building association's insurance policy also covers the standard fixtures in each unit. The co-op owner might only be responsible for personal property inside the unit and for any additions or alterations made to the original structure, such as new carpeting. In other situations, the building policy covers only the bare walls, leaving co-op owners responsible for insuring anything inside a unit such as cabinets, carpeting, and bathroom fixtures.

Insuring The Co-op And Your Belongings
Under the general terms of co-op owner coverage, your policy should cover your personal property from the following perils:

A basic co-op policy should also provide liability protection for incidents such as someone tripping and falling while in your unit. In addition, if a covered peril should make your co-op uninhabitable, your policy should include a provision to cover the additional living expenses you incur when you have to temporarily live somewhere else.

Cash or replacement value: You can insure your personal possessions for either the cash value or their replacement cost. With cash value coverage, you receive the value of the item minus depreciation, while replacement value pays the current cost to replace the item.

Deductible amount: What level of deductible can you afford? A higher deductible can mean lower insurance premiums, but if something happens, be prepared to pay out that high amount.

Unit or loss assessment: If your co-op building is damaged by an insured disaster or its members are sued, and the cost of that damage is not fully covered by the association's policy, this type of coverage would pay for your share of an assessment charged to all unit owners.

Flood or earthquake: Most standard homeowners policies do not include coverage for either floods or earthquakes. If you live in an area where either might occur, consider adding coverage. Many homeowners, co-op owners and apartment dwellers opt out of such protection.

Floaters: Most policies set limits for items like jewelry, collectibles, and computers. If you own expensive items, you can pay extra premiums to have those items fully insured under what is called a floater. Without a floater, a policy will cover such items only under general categories and offer reimbursement up to a maximum of only a few thousand dollars (limits vary).

For more information about our Co-op Insurance policies and/or an application please contact CM&F Group at 1-800-397-3008, ext: 241 or via email on the "Contact Us" section of this site.

Renters Insurance

As most renters understand, a building owner (landlord) carries insurance coverage on the actual building, but that coverage does not extend to the tenants' property or possessions.

If you rent your home or apartment, you owe it to yourself to learn all about the important protection offered by renters insurance:

While your landlord should have insurance coverage for the building in which you live, you need to be aware that that coverage does not extend to protect your personal possessions. Renters insurance provides protection for your furniture and personal possessions - at home or away from home - against damage from such hazards as fire, lightning, windstorm, hail, explosion, smoke, vandalism, and plumbing leakage. A renters policy also protects your property against practically every type of theft loss in your apartment or anywhere in the world.

Personal Liability Protection
In the event that you are sued, your renter's personal liability protection helps to cover the associated legal costs and related damages. Most renters policies provide $100,000 (minimum) of financial protection against liability claims and lawsuits brought by others for accidental bodily injury or damage to their property:

Liability protection also includes medical payments coverage. For example, Travelers will pay up to $1,000 per person — regardless of your legal responsibility — when an accident involves bodily injury to others. Higher amounts of coverage are available.

Deductibles
A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, the lower the cost of your policy premium. The deductible applies to property losses only. Liability protection does not require a deductible.

Personal Umbrella Insurance

Personal umbrella insurance is low-cost liability coverage that provides an extra measure of security beyond the limits of the liability insurance on auto and homeowners policies. Personal umbrella insurance provides additional limits of coverage if you're sued for damages suffered by someone as a result of an accident - involving your car, property, or while participating in recreational activities such as boating or golfing. You are especially exposed to the risk of an incident resulting in a lawsuit if you:

Unexpected dangers could be as close as your backyard. And any situation that could result in serious injury, long-term physical impairment, psychological damage or death could put your financial well-being at risk. Examples include:

For a minimal annual investment, you can add personal umbrella coverage to take over where your auto and homeowners coverage ends. Depending on the situation, annual premiums start as low as $200 for additional coverage ranging from $1 million–$5 million. The value of this coverage is extraordinary.

For more information about our Renters Insurance policies and/or an application please contact CM&F Group at 1-800-397-3008, ext: 241 or via email on the "Contact Us" section of this site.