Insurance for condos is different from regular home insurance because, technically, the owner of a condo owns the space rather than a portion of a building. Typically the structure of the building and its common areas are covered by a “master” policy. While the association fees a condo owner pays contributes to the premiums for the “master” condo insurance in California. Condo owners need to arrange their own insurance coverage for personal possessions, additional living expenses and liability.
To estimate how much coverage you need for personal possessions, take an inventory of your belongings including your computer, electronic equipment, kitchenware, furniture, household appliances, collectibles, jewelry, and clothes, and calculate the cost of replacing everything if they were damaged or stolen. Your inventory should also include details like make, model and serial numbers and purchase dates, and copies of purchase receipts. Additional coverage in the form of floaters may be required for some types of possessions such as computers and jewelry that are likely to have a per-category theft limit in standard property insurance policies.
Additional living expenses coverage offers financial protection if you are forced to vacate your condo unit because of a disaster such as fire. Liability protection is designed to cover the cost of lawsuits filed by anyone who claims to have been injured on your property.
Because insuring a condo unit is a little unusual, make sure to read your policy conditions and understand exactly what is covered by your condo insurance in California. California condo owners should review insurance coverage at least once each year to make sure they stay adequately covered. With Sweeney & Sweeney Insurance and Financial Services, you can get the coverage you need. Contact us today for more information!