What does condo insurance cover? We are glad you asked! Condo insurance is important to protect your condo unit and your belongings, but you should know that not all condo policies are the same. We are here to help you understand the basics of condo insurance.
Your new condo is probably part of a condominium owners association. The condo association will generally have a condo insurance policy to cover the outer building & common areas, this is sometimes referred to as the “condo master policy”. The associations master condo insurance policy may or may not cover the inside portion of your individual unit. This is important information that you will need to find out from your condo association. If you own the condo & live in it yourself, you need a unit owners policy. If you own the condo and rent it to a tenant, you will need a condo landlord policy.
Condo Insurance Policy Coverage Options:
- Personal Property: Condo insurance coverage for your furniture, clothing, etc.
- Guest Medical: Condo insurance coverage for medical expenses for a guest injury.
- Additional Living Expense or Loss of Rents: Coverage for increased living costs while repairs are being completed after a covered claim. Or, if it’s a landlord policy, this would be coverage for loss of rents after a covered claim.
- Building Property: Condo insurance coverage for the interior of your unit (floors, cabinets, fixtures, etc.). Some condo insurance master policies include coverage for the interior of each individual unit, and some condo insurance master policies do not offer any coverage for the inside of each individual unit. You will need to check with your condo HOA to find out the details of the condo insurance master policy, so that you will know if you need to add Building Property coverage to your personal condo insurance policy.
- Liability: Condo insurance coverage for your liability protection.
- Loss Assessment: Condo insurance coverage to help you pay for an assessment that a condo unit owner may be asked to pay for by the Condo HOA Association.
Just like a standard homeowners policy, there are additional options that can be added to a condo insurance policy. Some examples of these additional condo insurance options that may be available for an additional premium are water back-up coverage, personal injury, or identity theft coverage. Check with your insurance agent to see what options are available to you.
Rancho Cal Insurance Services is here to help you with your condo insurance policy. We’ve been helping our neighbors in Temecula, Murrieta, Menifee, and through out California for many years and we would love to help you too. Give us a call for a free, no obligation quote.