Condominium Insurance Information
Purchasing a home is a significant decision. Many people want a home with less upkeep and shared resources such as activity rooms or pools. A condominium (condo) can offer reduced maintenance and the joint amenities they want. And even though a condo isn’t a typical house, it still requires insurance to protect the property owner.
What Is Condominium Insurance?
Condo insurance is a specific type of homeowners insurance policy available only to those who own condominiums. While it may not protect the physical structure of your condo, as the condominium association typically covers that, it provides a layer of financial protection against property damage and loss and liability claims. Many condo insurance policies also offer coverage against lawsuits for bodily injury or property damage that you or a family member may cause to others. Some policies may also pay litigation costs and court awards up to policy limits. We can help you determine the appropriate amount of coverage you should get to repair or replace the inside of your home, including your home’s contents.
How Much Condo Insurance Should I Get?
Determining how much condo insurance you should buy is a complex decision that is unique to your situation. Carlos Villalobos Insurance Agency Inc. can help you navigate your condo insurance needs.
There may also be other coverages that may be beneficial for you to purchase, including:
- Unit assessment coverage may reimburse you for your share of an assessment charged to all unit owners due to a covered loss, such as a fire in the lobby where all unit owners must pay for the loss.
- Water backup coverage may cover property damage to your condo caused by a sewer or drain backup, which your condo or flood policy may not cover.
- Umbrella liability insurance may give you more liability protection and coverage than what is in your condo insurance policy.
- Flood insurance may be good to have if you live in an area prone to flooding.
- Earthquake insurance may be beneficial if you live in an area prone to earthquakes.
- A floater is additional coverage that may be good to have if you own expensive items such as jewelry, furs or collectibles.
We can help you determine the appropriate insurance coverage for your needs.
How Much Should I Pay for Condo Insurance?
The cost of your condo insurance varies greatly depending on where you live, your deductible amount, how much coverage you want for the interior of your unit and if you’ve added additional insurance. Carlos Villalobos Insurance Agency Inc. can help ensure adequate coverage for your specific living situation.
Protect Your Livelihood
Carlos Villalobos Insurance Agency Inc., based out of Santa Clarita, California, can help you with a condo insurance policy that protects your financial livelihood. Call us at 661-255-8282 to get started on the protection you need.