People often ask Do I really need condominium insurance?. According to Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance in San Diego, the answer is without a doubt – Yes, you do!
Rick says a Condominium Policy is similar to a Home Owners Policy in many ways and also very different. It will cover you for many of the same types of losses or covered perils like fire, immediate escape of water, wind, smoke, hail, vandalism, etc. Most often the majority of structural coverage is provided by the master policy.
Condominium Policy is a special insurance designed to fit the specific needs of the Condo Home Owners. Downtown San Diego Condo and Downtown San Diego Loft owners need to take into consideration additional coverage for the building based on their condominium association’s master policy and coverage.
The proper amount of Condominium Insurance is a little complicated and coming up short can be costly. In addition, the recent requirements of Fannie Mae have made the issue even more complicated (they may require building coverage to the extent of 20% of the Condominium appraised value if the association does not have adequate coverage).
Rick’s suggestion is to talk to a qualified agent familiar with Condominium Insurance and willing to help guide you with your decisions. You may also want to consider a company that will provide discounts for combining your auto and Condominium Insurance.
If you have any further questions please contact Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance at 619-293-7211 or e-mail him at [email protected]. You can also get more information about Rick on his website rickwiese.com
To see more related Downtown San Diego Real Estate News read our former blogs Reduce Your Monthly Mortgage Payment and Stabilize your Condo or Loft in Downtown San Diego with the Home Affordable Plan and Afford a Condo or Loft Investment in Downtown San Diego