There are several housing options available on the market. You can become a homeowner or rent out your house. Some people rent apartments. A person can even own or rent a condo.
Different housing requires different insurance. There is home insurance, renter’s insurance, and condo insurance. If you plan to own a condo, you will need insurance. Here we will discuss what to look for in your condo insurance policy.
Types of condo insurance coverage available
There are several features and coverage types in a condo insurance plan. These options include:
- Building property coverage: The HOA master plan covers the basic physical structure of the building. Owners of condos cover the inside permanent structures of their properties, such as counters, walls, bathroom fixtures, and built-in appliances.
- Personal property coverage: This covers the condo owner’s property, such as furniture and other valuable items.
- Personal liability coverage: If something happens, and a person is injured on your property, or their belongings are damaged, your liability insurance covers the costs.
- Loss of use coverage: If the condo is unsafe to use due to damage, your insurance can pay for other living arrangements while things are being fixed.
- Loss assessment coverage: If there is tremendous damage to the condos, and the cost of damage is higher than what the master plan covers, loss assessment coverage helps pay to get the shared areas fixed.
What does the HOA master plan cover, and how much condo insurance do you need?
The HOA master plan covers the outside of the building and the other shared structures of the community. A master plan’s coverage depends on the plan they have. The type of coverage you need as a condo owner depends on how much coverage the HOA master plan has.
If you are looking for a condo insurance policy, look no further than Western Republic Insurance Services in Huntington Beach, CA.