Save On San Diego Condo Insurance

A condominium is different from a house or an apartment – you own part of a building or a property, but not all of it. Insurance for condominium owners is different, too.

Just like homeowners and renters, people who own a condo unit want to be insured against financial loss brought about by such dangers as theft, fire, and lawsuits. But, a condominium will typically be covered by two separate insurance policies that protect different parts of the whole.

If you have purchased a condo or co-op, the bank will require insurance to protect its investment in your home. You may, however, need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building like the lobby.

To adequately insure your apartment, it is important to know which structural parts of your home are covered by the condo/co-op association and which are not. You can do this by reading your association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, insurance professional or family attorney. Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures. The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but those made by previous owners. In other situations, the condo/co-op association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc.

Your own condo insurance policy

This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also get liability protection.

Coverage you need for your condo

  • Personal Property
  • Liability
  • Dwelling
  • Valuable Articles Coverage
  • Additional Living Expenses

Also ask your insurance professional about the following additional coverages:

Unit assessment

This reimburses you for your share of an assessment charged to all unit owners as a result of a covered loss. For instance, if there is a fire in the lobby, all the unit owners are charged the cost of repairing the loss.

Water back-up

This insures your property for damage by the back-up of sewers or drains. Water back-up may not always be included in a policy. Check to see that it is included.

Umbrella liability

This is an inexpensive way to get more liability protection and broader coverage than is included in a standard condo/co-op policy.

Flood or earthquake

If you live in an area prone to these disasters, you will need to purchase seperate flood and earthquake policies. Flood insurance is available through FEMA’s National Flood Insurance Program. Both flood and earthquake insurance can be purchased through your insurance agent.

Floater or endorsement

If you own expensive jewelry, furs or collectibles, you might consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard policy.

A variety of factors will impact how much you pay for condominium insurance. One is how much personal property you have, and how much it’s all worth. Another is your deductible. If you choose a lower deductible, your premium may be higher – and vice versa. To save on condo insurance, you may want to consider a higher deductible, as well as insuring your car, motorcycle and other assets with the same carrier. Discuss available insurance discounts with your local independent agent today.

McCormick Insurance Professionals

This may be a good time to have us review your San Diego home insurance. Having the correct San Diego home insurance coverage and limits is very important in this litigious world.

Are you curious to know how you can save more by combining your auto and home insurance? (619) 276-0492. The Wayne McCormick Insurance team in San Diego is ready to serve you, and help you save on your auto, homeowners, condo or apartment building insurance