If you’re looking to learn about Condo Insurance and how it works, Express Financial & Insurance Services serving Santa Monica, CA, has all the answers you need.
Many people love living in a condo because it’s easier in many ways than homeownership, but having condo insurance is just as important as having homeowner’s insurance. Condo associations will usually cover some insurance needs but condo insurance will help cover items that the association insurance will not. Association insurance will typically cover damage to the exterior or common areas of the condo or injuries you might sustain in a condo’s common area.
Condo insurance covers damage or loss of your personal property or in the event that you get sued for someone becoming injured in your condo.
Additionally, there is some condo insurance terminology that is useful for anyone who might need this type of insurance to know.
All Perils Coverage: Protection against a wide range of risks and only excludes perils that are specifically listed.
Deductible: Amount paid out-of-pocket for a claim before the insurance policy pays.
Liability Coverage: Protects you financially if you cause damage to someone else’s property or bodily damage unintentionally.
Non-owned Property: Coverage for personal property belonging to others while it is in your possession.
Unit Contingency Coverage: Coverage for your unit, including walls, original flooring, plumbing or other fixtures that aren’t covered by the condo property insurance, or if their insurance is insufficient.
Unit Improvements and Betterments Coverage: This is coverage for when you want to make upgrades and improvements to a condo. Association insurance will not cover any upgrades or improvements you make.
For more information on Condo Insurance, contact the professionals at Express Financial & Insurance Services serving Santa Monica, CA today!