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California Condo insurance coverage

Condo Insurance

Why You Need Condo Insurance

When you own a condo, your master association does have some condo insurance, but this doesn’t mean that you are protected. You still need to get your own policy since the master association policy doesn’t cover your liability or your personal belongings inside your unit. Depending on what type of condo insurance policy your association has, you could be on the hook for different coverage. For example, if you are only going to get bare walls in coverage, then this only covers the structure, furnishings, and fixtures in common areas, but likely doesn’t include any upgrades you have made for your condo.

What Is Covered by Your Condo Insurance in California?

With a typical condo insurance policy, you will get coverage for different categories, including building property, personal property, personal liability, loss of use, and loss assessments. One of the main differences between the condo policy and a home insurance policy is that your condo policy only covers the structure of the unit from the walls in since the association is responsible for the walls. Otherwise, condo policies and home policies are similar. Usually, the property and dwelling coverage will cover a list of named perils such as vandalism, theft, hail, and fire. If hazards are not named, this means they aren’t covered, such as flooding. An agent at TransGlobal P&C Insurance Agency can help you go over what is and isn’t covered.

Your personal property coverage isn’t limited to things that are located just inside your unit. You can also file claims for any belongings that are lost or stolen while traveling or outside. Loss assessment coverage is usually optional that you can add. This covers instances where the condo owners are responsible for a shared loss, as long as it’s a covered peril. For example, if there is a fire in the lobby, and it ends up costing the association more, then the assessment coverage can help pay for your share.

Contact TransGlobal P&C Insurance Agency to get a quote on condo insurance.

Standard Coverages

It covers personal property, like your sofa and armchair set, flat-screen TV, laptop, tennis racket, and other items from covered losses.

Pays for covered damages to additions, alterations, fixtures, improvements or installations that you make to your condo unit.

If you’re unable to live in your condo while it’s being repaired or rebuilt after a covered loss, additional living expenses help pay the cost of temporary housing and living expenses up to the policy limit.

It protects you in certain situations if you’re held legally responsible for damage caused to someone else’s property. If a guest is injured while visiting you in your condo, they’re covered too. You and your family are protected against bodily injury, property damage claims, and litigation.

Medical payment cover for medical expenses of someone else accidentally injured on your property.

Optional Coverages

Did you know there’s an optional coverage that pays for the cost of restoring your identity if it’s stolen? You can also reduce your risk by learning how to prevent identity theft.

Some high value items like stamps, silverware, coins, fine art, jewelry, and other collectibles require special protection. Scheduled items you specify are protected by an agreed dollar amount.

We can help you by selecting a settlement of covered personal property losses based on replacement cost at the time of loss, with no deduction for depreciation. The coverage is subject to applicable policy limits and deductibles and special limits apply to certain items such as jewelry, fine art, furs, silverware.

Please contact us to discover the condo insurance coverage you need for your unique situation.


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