Are you considering buying a condo in California? Many condo owners will tell you about the advantages of the condo lifestyle, with access to amenities like tennis courts, swimming pools and gyms and freedom from home maintenance, lawn mowing, and commuting. Life in a community within a community is certainly different from living in a detached house in the suburbs, as you’ll likely find when it comes to purchasing condo insurance in California. Condo owners typically have two separate insurance commitments.
Each condo owner owns a space within the condo building rather than a portion of the building. Each condo owner contributes to the premiums for their condominium Association’s “master” policy that typically covers the building’s structure and common areas.
Additionally, individual condo owners arrange their own coverage for personal possessions, additional living expenses and liability. Additional living expenses coverage compensates the condo owner who has to find alternative accommodation while a condo building is restored after a disaster such as a fire, and liability coverage gives the condo owner protection for the cost of injuries sustained by someone visiting the condo.
Because of the complexities of condo insurance, California has a number of insurance agencies that specialize in this area of the insurance market. Our agents are happy to answer your questions about this type of coverage and arrange quotes for your condo.