Is condominium insurance the
same as California home insurance?
A condominium insurance policy is not the same as California home insurance. While a Condominium insurance policy offers excellent protection for your dwelling and property, it different because of the nature of the dwelling coverage.
When you own a single-family home, you are responsible for both the interior and the exterior of the dwelling, but condominium owners are typically only responsible for the interior … or what we in the insurance industry call “walls-in.”
Condo Insurance provides coverage for damage to improvements, alterations or additions you make in your unit. It also provides coverage for your household contents and personal belongings.
Just like your California home insurance, you should understand the coverages for your condominium insurance, as well as the home insurance discounts you may qualify for and deductible options.
Condominium coverages can be complicated, so it is recommended that you consult an insurance agent to review the coverage, sub-limits, and your responsibilities as a condominium insurance policy holder.
The standard condominium insurance coverage:
Property: Your Condo
- Dwelling Improvements, Alterations, and Additions – you are covered for accidental damage to improvements you make in your unit for which your association’s policy does not provide coverage, subject to your condo insurance policy limits.
Property: Your Possessions
- You choose the amount of coverage based on the property you own.
- Personal property is covered anywhere in the world.
- Coverage is on a named-peril basis, which means that only losses resulting from causes listed in the policy are covered (subject to exclusions).
- Pays when you’re legally liable for someone else’s bodily injury or property damage resulting from an accident, negligent acts by you or qualified household members (on or off premises) and the acts of your pets.
- Includes costs to resolve claims or defend lawsuits brought against you.
- Association loss assessment.
- Pays medical costs for people injured at your residence (other than residents of your household), regardless of liability.
Additional Living Expenses
- Covers additional living expenses if a covered loss makes your living quarters uninhabitable.
- Coverage is based on a percentage of the amount of insurance you choose for your personal property.
Bundle and Save on Condominium Insurance
Just like your regular California home insurance policy, you can bundle your condominium insurance with your California auto insurance and receive a multi-policy discount. Often times this can create a significant savings making the condominium insurance policy extremely affordable.
Select the Right Insurance Agent
IronPoint Insurance Services is happy to help you with your condominium insurance policy, give as a call and let us try to earn your business. We can get you competitive rates on both your condominium and your auto insurance.