Condo Insurance Basics

What is Condo Insurance?

Condo insurance is similar to homeowners insurance. It helps cover the cost of fixing or replacing items such as:

  • Personal property including clothing, furniture, and electronics
  • Interior walls
  • Liability in the event you are responsible for injury to someone elsewhere
  • Additional living expenses if your condo is uninhabitable due to an event that is covered by your policy

While the exact coverage you have depends on your specific policies, some common perils condo insurance typically covers are:

  • Vandalism and theft
  • Fire or lightning
  • Smoke
  • Falling objects
  • Wind or hail

There are many perils that you can have your policy cover according to what is available and your particular needs. If you are in the Temecula, CA area, give Friant Insurance Agency a call to discuss the various coverage options available.

Is Condo Insurance Required?

Condo insurance is not required by law. However, your mortgage company or homeowners association may require you to carry it. This will be expressly stated in your contracts.

What If My HOA Already Has Insurance?

HOA’s usually carry insurance, but it most likely only covers the common areas of the property. They typically do not cover the individual units, meaning you will be responsible for insuring your own property. Ask your HOA for clarification on what is already covered before you purchase your own insurance so you do not obtain too little or more than you need.

If you have any questions, need help to understand the coverage you need, or need help to insure your condo, give Friant Insurance Agency a call or stop by today. We look forward to helping Temecula, CA residents protect their homes and their investment.