You may have a one year job assignment in California, so you lease a condo to live in while you are there working on your project. Do you need to purchase insurance for only one year? The answer is yes. Disaster can strike within a year, a month, a week or a day. It is important that you have the right coverage for your personal belongings in the event of fire, theft or other disaster.
It may be wise to first inspect your condo’s master policy, which typically covers the structure of the building along with common areas like pools, tennis courts, basements and elevators. However, your condo master policy will not cover any of your personal belongings such as furniture, appliances, clothing and jewelry. You need to obtain your own insurance policy to provide financial protection for your possessions.
It is important to note that, in the state of California, a standard condo insurance policy usually does not provide coverage for earthquakes or floods, so you may need to purchase separate insurance policies for those perils. Other coverage options you may want to consider include additional living expenses in the event that your condo becomes uninhabitable following a disaster, and you have to seek living quarters elsewhere. Your insurance agent may be able to recommend which policies might serve you best.