Condo Insurance - Long Beach California
Owning a condo is a great alternative to renting an apartment and/or owning a large home that requires a lot upkeep and maintenance.
Owning a condo can come with some additional challenges as well. For instance most condo’s have association that are responsible for the upkeep of common areas, upkeep of the pools, maintaining all of the roofs, and providing additional insurance for the physical structure of each building. As you share these areas with other condo owners there can be added liability that each condo owners has.
Why do I need condo insurance?
Condo Insurance is a specialized insurance policy that not only protects your condo but also your personal liability and your personal property. If you own a townhome or condo in Long Beach California, you have different insurance needs than the typical homeowner or renter.
Now that you own your new condo, you also share ownership in the common areas and overall structure of your building. While the amenities you now have access to are great, you need to make sure you are fully protected. Although your association dues help pay for upkeep of the common areas, they do not typically cover your personal property within your own unit, or your personal liability if someone is injured on your property or throughout the common areas.
The Association will be covered for liability issues within the common areas but you and your family also need to protect yourself from potential liability claims.
What does the condo association insurance policy cover?
The Covenants, Conditions & Restrictions more commonly known as (CC&Rs) of the condominium association and state law determine exactly what’s covered under the association’s master insurance policy.
In most cases the association’s coverage stops after the exterior walls meaning that you are responsible for the interior walls (known as Walls out Coverage). The association insurance policy will cover liability protection for the association (not the condo owners) and liability protection to each board members of the association for the financial decisions they make on behalf of the association. Most condo association policies will include coverage for losses arising from:
- Fire or Lightning
- Windstorm
- Smoke
- Vandalism or Malicious Mischief
- Theft
- Accidental Discharge of Water
Looking for more detail? Just give one of our sales counselors a call at (562) 606-1030; they’ll be happy to provide an in-depth explanation.
Optional condo association coverages
Some optional coverages each assication an buy include:
- Earthquake
- Flood
- Excess Liability
How does my condo insurance work?
Now that you have a better understanding of how the associations insurance works. Let’s look how we need to protect you and your condo.
We will need to know how the associations policy is covering your property. We can assume wall’s in coverage for you as related to property coverage and this would include the following items:
- Interior Walls (Drywall and Paint)
- Flooring
- Kitchen (Cabinets, Counter tops, Oven, Dishwasher,sink ect.)
- Bathroom’s (Shower, Bathtub, cabinets, sinks ect)
- Closets
- Light Fixtures
- Ceiling Fans
- Personal Property (Couches, clothing, TV, Computes, ect.)
Once we have finished evaluating your property coverage we will then consider how much liabitly protection you might need. We typically recommend liabiltiy protection of $500,000.
Optional Coverages and Bundling Options
Some optional coverages you might want to consider include:
- Earthquake
- Flood
- Excess Liability
- Auto Insurance
Some of these additional coverages can produce some significant savings, not just on your condo insurance but also on your auto insurance by bundling everything together.
Products and Services
- Auto Insurance
- Home Insurance
- Renters Insurance
- Individual Health Insurance
- Life Insurance
- Business Insurance
- Workers’ Compensation Insurance
- Property Insurance
- Group Health Insurance
Location
Integrity Now Insurance Brokers, Inc.
6285 East Spring Street, #457
Long Beach, CA 90808
562-606-1030
kedwards@integritynowins.com
CA Insurance License 0D42517
