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Do You Have Adequate Coverage for Your Condominium?

Condominiums are a great homeowner option for many – no grass to cut and no snow to shovel. Owning a condo can take some work out of home ownership, but making sure you’re properly insured can be tricky. Insurance carriers offer a broad range of coverages that can be customized to properly protect your condominium, personal property and your personal liability.

The first challenge is to determine what part of your unit and building is your responsibility to insure. This task can take a bit of detective work. The Home Owners Association (HOA) and state statues give us most of the information we need to understand how much of the building you need to insure (boundaries of your unit), the common areas you may be jointly responsible for, and the deductible for the association’s master policy.

Often times people assume that since the HOA carriers a master insurance policy that they do not need to obtain a separate insurance policy as the lender may not require it to fund the loan. Failure to maintain a condo insurance policy will leave you very exposed to the potential of a large loss not only to the unit but also your contents, loss of use and liability.

A qualified insurance agent can customize an insurance policy to fit your needs. Some of the available coverages include: Replacement Cost Coverage for your contents, Loss of Use, Loss Assessment, Personal Injury and Earthquake.

For more help,contact me today via e-mail or phone. I look forward to hearing from you.

Judy Irons

Sales Associate | Los Osos