Do I Need Condo Insurance?
Our Santa Monica insurance agency offers plenty of options to condo residents who aren’t fully covered just by their condo association’s master insurance policy. There is often coverage for structural damage to the building and/or your unit that you aren’t at fault for, but more often than not, your personal belongings are not covered by the condo’s insurance policy already in place. It can be complicated with many common areas in a condo, but the experts at our agency are here to help you navigate through the buying process.
Basic Condo Insurance
While there are plenty of different levels of coverage for Santa Monica shoppers looking for condo insurance, at the very least, every policy will cover the losses you incur as a result of a covered event, such as theft or a fire. Your personal belongings should always be insured, and the condo association will only cover so much until it’s your responsibility to make sure you aren’t left having to pick up all the pieces.
Loss Assessment Coverage
Unlike renting an apartment or owning a home, condos often feature shared spaces for the residents to use such as common areas, swimming pools, or kitchens. When something happens to the shared space and the damage exceeds the association’s insurance limits, residents will be asked to chip in with assessments. When this happens, we offer loss assessment coverage that will pay for your portion of the assessment so unexpected costs don’t pop up at the worst times.
Cost of Living Reimbursement
If for some reason your condo unit becomes uninhabitable, those who opt for a policy that reimburses you for cost of living will receive living expenses such as food and a temporary place to live while your condo’s insurance takes care of the damage in the unit.
Contact us today at (310) 309-1311 with any questions about condo insurance or our full lineup of insurance products.