What do You Need to Know about Condo Insurance?

As a condo owner, it’s important to have individual insurance coverage to protect your personal property. Your association’s master insurance policy is designed to protect the exterior of your building and common areas. You are responsible for the interior of your unit and personal belongings.

Before purchasing insurance for your unit, review your master policy to see the level of coverage it has to offer. This will give you a better idea of what kind of condo insurance to get for your property. The following steps can be helpful in guiding you through the process of buying condo insurance.

Examine Master Insurance Policy

Master condo policies vary in the level of protection they offer. Some offer “bare bones” protection while others provide “all-in coverage.” All-in coverage covers structural elements such as ceiling, walls, and floors of the interior of your condo. This could reduce the amount of coverage you need to protect this aspect of your property or eliminate it altogether. You would, however, still be responsible for liability risks and protection of personal belongings.

Determine Personal Belongings Coverage

If you own costly goods, you would do well to obtain personal property coverage from Western Republic Insurance Services, Huntington Beach, CA. This insurance will cover the cost of repairing or replacing personal belongings such as clothing, jewelry, electronics, artwork, furniture, appliances, etc. if these are stolen or damaged. Without this coverage, you risk having to replace these items on your own.

Consider Liability Coverage

Your condo master policy covers accidents that occur in common areas such as tennis court or gym. If an accident were to injure a visitor while he or she is in your unit, you would be held responsible. For this reason, it’s important to have liability coverage for your condo.

For help in selecting the right insurance coverage for your Huntington Beach, CA condo, contact your Western Republic Insurance Services agent.