Are you thinking about purchasing a condo? The idea of living in a condo appeals to many people who look for a lifestyle that’s free from lawn mowing and home maintenance chores, and just as traditional home ownership is different from condo living, there’s a difference between traditional home insurance and condo insurance in California. Mortgage providers require condo purchasers to carry insurance to protect the financial institutions’ interest in condo property. Additionally, you may need insurance to cover your personal possessions, liability, and fitting if they are not covered by your condo association’s master policy.
Condominium associations may adopt either a “bare walls” or a “single entity” approach for the master policy. Where a “bare walls” approach is taken the association is responsible for the ceiling, floor and bare walls and the individual condo owner is responsible for built-in fittings, plumbing and wiring. A “single entity” approach means that the association is responsible for the individual condo units as they were originally built, including fixtures, and individual condo unit owner is responsible for alterations to the original structure and fittings.
To be sure of adequately insuring your condo unit you need to know which parts of it are your responsibility and which are the responsibility of the condo association. You will have gathered by now that insurance for condos can be tricky, and you may wish to engage an insurance agency when purchasing condo insurance in California. Insurance agencies like ours are knowledgeable about the particular complexities of condo coverage.