The ins and outs of condo insurance.
Unlike homeowners, condo dwellers don’t own the building they live in or the land it sits on. Your condo or homeowners association (HOA) will carry a master policy to insure the building and pay for accidents that occur on outside property or in common areas. What you may fail to see is that you, as someone who lives in a condo, should secure condo insurance.
The Master Policy
The master policy, mentioned previously, is carried by the condo association. This policy may cover all real property from the outside in, but not the fixtures or installations. Another type of coverage does cover fixtures, installations, and additions within the interior. Variations of these types can differ from building to building, so be sure to read the policy carefully to know exactly what is covered and what you need to cover yourself.
Condo Insurance Coverage
Most condo owners need insurance just for their unit. The Condominium Association typically covers the ‘common’ areas, such as the pool and hallways, through monthly fees. This is usually called commercial insurance and will have a deductible. Once you determine the parts of the unit that you must insure yourself, you can determine how much coverage to obtain.
Below are some of the common problems that are covered under a standard condo insurance policy:
- Fire and smoke
- Wind and hail
- Burst pipes
In addition to securing coverage for disasters, you’ll need to know how much condo insurance to buy. This is best determined by conducting a home inventory. Recording and writing down your valuable items helps insurers to know the level of protection that you need to cover your belongings. If you get too little coverage, you may be putting your costly and beloved items at risk of loss and damage.
Talking with a licensed insurance agent is the best way to get coverage suggestions for your situation. Contact Jack Stone Insurance Agency, serving Antioch, Brentwood, and surrounding cities in California to get started on your tailored coverage today!