Protect Your Condo With Condo Insurance
When you purchase a condo and get a loan, the bank often requires you to get insurance to protect their investment in your home. To cover your personal items, liability, or other fees, however, you may need more insurance than the basic requirements. Here is some information about how to best insure your condo.
You will likely need two separate policies to insure your investment in your condo:
Personal Condo Insurance: This coverage will protect your personal belongings, structural improvements to the space, and living expenses if you fall victim to a natural disaster or theft that is covered in your policy.
Master Policy: This policy is provided by the condo association or board. You pay a monthly fee towards this insurance, which covers the common areas that you share such as the roof, basement, elevator, walkways, pool, gym, etc. These common areas are covered for liability and physical damage. (It is important to know exactly what is covered by the master policy so that you can insure anything that is not under a personal policy.)
To get the coverage you need, you should ask your insurance provider about additional coverage if necessary:
Unit Assessment: This coverage reimburses you for your share of a covered loss.
Water Back-up: This insures your property from sewer or drain back up that can cause damage. This coverage is not always included in your average policy, so you should double check.
Flood or Earthquake: If you live in an area where these disasters are common, you should consider purchasing separate policies for these possible occurrences.
Floaters: These are useful if you have expensive items like jewelry or artwork.
Contact Udell Family Insurance in Westlake Village for all of your home insurance needs in California.