California Condo Insurance

You can’t rely on the condo association for everything. Make sure you have enough insurance coverage.

Whether you live in a condo right on the ocean because you love the view or you live in LA because it’s the most affordable option, finding the right California condo insurance is important. Your condo or homeowners association may insure the building and common areas, but that doesn’t protect your property.

What Does California Condo Insurance Cover?

In California, condo insurance works much the same as other forms of property insurance. Your home and belongings are covered in specific situations:

• Fire
• Lightning
• Smoke
• Windstorm
• Theft
• Vandalism
• Accidental discharge of water

You also have personal liability coverage in case of accidents or damage. If a neighbor or guest slips and falls in your unit or incurs other damage while on your property, your liability coverage takes care of the claim and covers you in a lawsuit.

Just like other property insurance, if you want to protect your home in case of a flood or earthquake, you’ll need to purchase separate policies for each.

All of your belongings within your unit are covered by your condo insurance in California. The most important part of condo insurance is making sure you know where the condo association’s insurance ends and where your coverage begins. Before purchasing a condo insurance policy, make sure you read your Association’s Covenants, Conditions, and Restrictions (CC&Rs).

This document should clearly state what the condo/homeowners association insurance covers and what you’re required to insure. In most cases, the association’s insurance takes care of the exterior of the building, common areas, and the association’s liability. You will be responsible for everything within your unit, including fixtures, drywall, and other built-in components — unless the CC&R indicates otherwise.

Other Coverage Available

Depending on the California condo insurance policy you choose, your policy includes other coverages that will be useful after excessive damage or community-wide disasters.

Special Assessment Coverage: In California, your condo insurance policy may include provisions to help cover any assessment assigned by the association after a covered claim exceeds the association’s policy limits. Example: The association files a claim that totals $2.75 million but their policy limit is only $2.5 million. Each owner of the association may be assessed a share of the remaining $250,000. Your insurance policy could cover your portion, up to your policy limits.

Additional Living Expenses: In a disaster or some other event covered by insurance, your condo could become unlivable for an undetermined amount of time. Your condo insurance may include coverage for additional living expenses like hotel stays and eating out until you can get back into your home.

To make sure you have condo insurance that covers all your needs with policy limits that protect you in an emergency, contact IBW today for a quote. We’ll help you protect what matters most.