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 the Condominium Policy will cover you for many of the 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” from your HOA.
The Condominium Policy for the Association does not cover you completely. Typically you will find the Association provides coverage in one of the following manners:
· Insures the basic building(s) (walls, roof, floors, elevators) but leaves to you the responsibility of insuring appliances, carpeting, cabinets, wall coverings, and other items in your home, and in some cases even the interior walls.
· Insures both the basic building(s) and the items within your unit other than personal property.
· Insures both the basic building(s) and includes unit owner fixtures and improvements
You can look to the Articles of the Association and/or CCRs (covenants, conditions, and restrictions) for answers to what has been decided is the responsibility of the HOA and what is considered the responsibility of each unit owner. It may also be helpful to talk to the property management for guidance. You can do your own research or provide the phone numbers to your agent to help you.
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
Read our former blog “Downtown San Diego 92101 Condo and Loft Insurance – Is It Necessary?”