Condo insurance
Condo insurance
We offer coverages beyond your basic condominium HOA with options including: Accidental Damage, Personal Possessions, Valuables, Assets, and more.
There are many reasons why people purchase a condominium. Some choose a condo for the building security and luxury amenities. Some appreciate the low-maintenance aspect of condo ownership. Some are wanting to move from a rental to ownership, and some purchase a condo to use as a rental property for additional income. Whatever the reason for purchasing a condo, you need to make smart choices about protecting your investment.
As a condo owner, you’re generally covered by two types of insurance: Condo Association insurance (known as a master policy or HOA insurance), and Condo insurance for your individual unit (known as an HO-6 policy).
Your building’s HOA insurance insures the exterior of the building and covers the common areas up to a specified limit. If a guest is accidentally injured in a common area, the shared policy may also cover liability expenses related to the injury. Condo insurance protects everything inside your condo, including coverage for your personal possessions and dwelling coverage for the structure of your unit. Your condo insurance should also include “loss assessment” coverage to cover your portion of damages to building common areas.
As your Condo insurance coverage needs are directly impacted by what is insured by your homeowners association (HOA), you’ll want to be sure that your Condo insurance coverage essentially picks up where the master policy leaves off to avoid any gaps in coverage.
Here are some additional coverages that you should consider adding to your Condo insurance:
Medical payments coverage can help with expenses when a visitor is injured at your residence.
Coverage for additional living expenses can help with the costs of temporary relocation when a covered event (such as a fire) makes your condo uninhabitable during repairs.
Do you rent out your Condo?
If so, we recommend that you require your tenants to have Renters insurance.
Renters insurance is designed to protect any tenant, regardless of condo associations or other odd situations. Renters need to insure their personal property, and liability to others, including the condo unit owner. We offer comprehensive Renters insurance, and can work with your tenants.
HOA insurance
Homeowners associations are required to have insurance just like individual homeowners. HOA insurance covers the association for risks involved with property maintenance and liability concerns
We offer comprehensive options for: Property Damage, Business Property insurance, Business Liability insurance, Crime insurance, Ordinance Coverage, and more.
There are six insurance coverages we recommend to every association:
General Liability to protect your association from any third-party liability claims on property or bodily damages of others. Also known as “slip-and-fall” coverage, General Liability coverage pays if someone is injured or property is damaged.
Property Damage for protection of your association’s property and physical assets.
Workers’ Compensation to protect your association in the event you are included in a lawsuit related to a vendor’s employee.
Crime or Fidelity to protect your association from theft of money and embezzlement. It’s important to note that California has a statute requiring associations to maintain fidelity bond coverage for their directors, officers, and employees in an amount equal to or more than the combined amount of the association’s reserves and total assessments or three months.
Umbrella insurance for coverage above and beyond your general liability underlying coverage. If your property has any amenities or assets that may result in liability (e.g., playground, swimming pool), it is highly recommended that you secure Umbrella coverage.
Directors and Officers (D&O) to protect your board from exposure to monetary and non-monetary complaints and claims based on their decisions while in service to the association.
There’s no place like home. We 100% agree.
Regardless of where you hang your hat, protecting your property and financial investment is crucial to your financial stability. That's why we offer a policy options with customizable features to ensure your peace of mind.
Secure a licensed, and experienced advisor who can guide on on getting the right insurance to meet your needs.
Take inventory of your possessions to help ensure you have proper insurance coverage and If you ever need to file a claim. Be sure to update it regularly.
Purchase Personal Articles Floaters. Your existing policies limit the amount you can collect on some big-ticket items such as computer equipment, jewelry, fine collectibles, etc. A "floater" or "endorsement" will provide coverage beyond the limits of these policies.
Extend your coverage with an Umbrella policy.
Schedule your annual policy review with me to avoid gaps in coverage which could leave you without the proper resources to rebuild in the event of a loss.