Why Have Condo Insurance

Denise Sarah | March 4, 2011

If you want to own a condo or already own one, some of the following information may help you. Many of you do not know that the condominium association’s insurance does not cover everything. In fact, most of their policies only cover the outside of the building and shared facilities—like swimming pools and fitness centers. If you experience flooding, fire, or break-ins, you are responsible for all of it. In other words, you still need to get insurance when owning a condo. With the help of the Insurance Information Institute, I’ve come up with some key things you need to know when owning a condo and buying condo insurance.

If you are a condo owner, you need two separate policies.

The first policy is typically the “master policy,” which goes for you and your neighbors, or other condo owners. This is the insurance that is not covered by you. It is covered by the condo’s association. These include the roof, basement, elevators, walkways, swimming pools, and other things that may involve physical and outside damage to the condo.

For example, if a meteorite hits your roof, they cover it.

The second policy is your own insurance policy. This is what you need to cover your personal possessions. These are things like break-ins, flood and water damage, injuries that occur inside your home, and fires.

*If the meteorite goes through your roof and squashes your dog, they don't cover it. :(

The most important thing to get the best of your policies without wasting any money is to go over the master policy with your condo association and their insurers. All policies can be slightly different. Here at Atchley Insurance we provide the best service to make sure you are fully covered when it comes to Condo Insurance in California. Make sure you have an understanding of what they cover and what they don’t, because if a meteorite does hit your roof and kill your dog—who knows? They may replace your dog.