We’ll read the fine print for you.
Are you covered by your association?
Live in a condo and think you have coverage from your condo association? Think again. While your association does have insurance, it covers the building, certain common property, and liability insurance for the association. If you look at your condo agreement, you may find pages of provisions that spell out who covers, and who pays for what, in the case of a loss.
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What does condo insurance cover?
In the case of hazards such as fire or lightning, windstorm, smoke, vandalism and malicious mischief, theft, or accidental discharge of water that affected your building, the condo insurance coverage would take care of the outside walls, but your own condo owners insurance policy would have to cover the effects of these things inside your unit.
Many condo associations also distinguish between contents that are your responsibility versus structural components enumerated in the association condo insurance policy. While the condo policy might cover flooring, cabinetry, countertops, and carpeting, your personal policy would cover losses for furniture, area rugs, electronics, jewelry and your personal collectibles, and lighting. In the case of something like a fire, both insurance companies would pay for specific things.
Condo insurance protects your personal property, protects the interior of your unit, and offers liability in case a guest is injured in your unit. They may also have other provisions that are unique to condos:
- Any additions, alterations, or installations you add to your unit.
- Loss of use and additional living expenses if you have to temporarily vacate the place during repairs after loss.
- Loss assessment, to cover all or part of your share of what the condo association insists you contribute to their deductible.
- Absentee ownership if you rent your unit out.
- Loss of income based on the fair rental value if your unit is damaged and unable to be rented out.
How do you get condo insurance?
Since condo bylaws vary, working with an agent experienced in condo insurance at Palm Desert Insurance Agency will ensure you get just the right policy at the most competitive rates. Condo insurance can be complex, and while you may want the best rates from the insurance companies, you need to make sure you get the protection you need. You do not want to find yourself without protection because neither the condo association policy nor your personal policy covered a loss situation.
Call us today at (760) 341-2345 or stop by our office for condo insurance quotes that can help you fill the gap and provide total coverage.
We are proud to provide insurance services throughout California in Palm Desert, Palm Springs, La Quinta, Indio and the Coachella Valley. We also serve cities in Arizona such as Phoenix, Scottsdale, Surprise, Glendale and Mesa.
73241 Hwy 111, Ste 1-B
Palm Desert, CA 92260