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Right now could be an optimal time to purchase a condo in Southern California. There has been a steep drop in California home prices to purchase a condominium. Southern California was hit especially hard by the housing market causing steep reductions in home prices. Insuring these condos has become quite affordable as well. We provide free quotes for condos in all of Southern California.
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Some banks have suddenly required that buyers purchase condominium insurance to insure the interior of the unit they are purchasing. Unless you choose to self insure we highly recommend protecting your condo and investment by purchasing a condo insurance policy regardless of what the banks requires.
In the past, condo owners relied on the homeowner association plans for their full protection. Association policies have reduced their exposure more and more over the years. Now condo owners are forced to have a second condo insurance policy to close the gaps that may exist.
If you are buying a condo or already own a condo in California, here is some valuable information regarding coverage provided by a typical homeowner’s association policy and a personal condominium insurance policy.
Your HOA policy is designed to cover the structures itself and the liability risks on the common grounds of the property. However, that coverage ends at the drywall of your individual unit. HOA policies typically do not cover anything inside the walls of your condo. If you rely strictly on the HOA plan and your condo were to burn down, you very well may find yourself walking into a brand new rebuilt condo with nothing inside but drywall. The floors, cabinets, appliances, contents, and even paint may have no coverage afforded unless you purchased a personal condo policy.
You should spend some time with a professional licensed insurance agent and figure out what that cost might total. Remember their might be certain limits to jewelry, fine arts, china, collectibles, golf clubs, etc. Again, be sure to discuss all your valuables with your agent to ensure proper protection.
We have discussed fully rebuilding the condo and protecting everything inside of it, but one of the most valuable coverage often overlooked is the liability extended from your personal CA condo policy. If you cause injury to someone or someone gets hurt in your condo or you were to start a fire or cause a major water leak into another unit you might be on the hook for serious damages. Protecting your assets, income, equity, etc. with great liability coverage is very important. This is the least expensive part of your policy and you can easily increase your liability to 500K or more for only a few dollars a year. Take the time to discuss this also with a licensed professional.
Our agents can also provide you with free quotes on your auto, motorcycle, boat, classic car, RV, and more! If you live in the Southern California area or nearby, don’t hesitate to click on the get a quote now link.
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For a great many Americans, their home is one of their most valuable assets. Your home can have equity as well as house almost every personal item you own. Protecting it properly is important for many obvious reasons. Homeowner's can actually be over insured, however more times than not they are underinsured. In the event of a disaster, such as a total fire loss, would you rather be a little over insured or under insured?
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