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- Condo Insurance
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California Condominium Insurance
Personal Lines Insurance
"I have insurance through my Condo Association, I’m covered." Not so fast.
Although most Condominium Associations Insurance covers the structure of the property and the common areas, like pools and tennis courts, it does not cover the inside of your Condo. Things like damage to the dry wall, flooring, cabinets, plumbing, light fixtures, electronics are all not included in the insurance through your Condo Association. This is where condominium insurance can give you the peace of mind you deserve. Condo insurance provides coverage if you are the victim of vandalism, theft, natural disasters (like a tornado) or if there is plumbing or fire damage in your home.
When looking to add Condo Insurance, you have to ask yourself, "How much will it cost me to replace everything in my home if it were all destroyed or stolen?" Your condo insurance policy should include replacement coverage. That pays you the current cost for the equivalent of a new item. Without this coverage, you may only be paid for the cash value of the older, used item. So make a list of every item (including bare walls and floor) listed in one column and the price to replace it all in another column. Add about 10-20 percent to the total to offset any estimation errors. This will give you the amount it will cost to replace everything in your condo that was effected back to the way it was before the damage occurred. Never buy condo insurance for the amount that you bought your unit for. This is a common mistake. Remember, you only need to insure everything inside.