If you live in the Santa Monica, CA area and own a condo, there is a good chance that you have been fooled by many of the condo insurance myths. The agents at Express Financial & Insurance Services would be happy to help you debunk the myths and make sure you are fully protected with a comprehensive condo insurance policy.
My home business is covered
Many condo owners make the mistake of assuming their home-based business is covered under their condo homeowners’ policy. Most condo insurance policies specifically exclude coverage for businesses. If you run a business out of your home, you will need to purchase a separate business policy to cover liability and property damage claims related to your business.
Jewelry and artwork are covered
It is a common misconception that jewelry and artwork are covered under a condo policy because the policy covers personal belongings. While it is true that coverage for jewelry and artwork is provided under a condo policy, it is imperative to understand there is typically a small limit. If the value of your jewelry and artwork is above the policy limit, it is critical for you to purchase additional limits to add to your policy through an endorsement.
My condo has insurance, so I do not need a personal policy
The myth that the master policy of the condo will provide coverage to you can end up being a costly mistake. The condo master policy is meant to cover the buildings’ common areas such as the lobby or the rooftop. It is critical that you have a personal policy to be covered for your belongings in the condo.
My tenants are covered by my condo insurance
If you rent out your condo, it is critical that you require your tenants to carry renters insurance. While your policy will still cover you, during the lease, it will not cover your tenants’ belongings.
If you are interested in learning more about condo insurance, please reach out to an agent at Express Financial & Insurance today. We proudly serve the Santa Monica, CA area.