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Downtown San Diego 92101 Homeowners Policy – The Individual Policy!

By in Downtown San Diego Real Estate|Downtown San Diego Real Estate Market Analysis|July 2009 with 0 Comments

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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.

 

The personal property is simply all of your belongings you move with you into the unit. They may also include items you have in storage or even in your car (typically your stuff is covered anywhere). There are some specific limitations for such items as jewelry to you want to make sure you have adequate limits. It is also important to think of your stuff in terms of what would cost to replace rather than the current value.

Loss assessment coverage provides for your share of damage caused to the common area or your share of the liability loss with other unit owners if the master policy is not sufficient.

Loss of use coverage is going to pay for any added expenses incurred because you can no longer reside in your home due to a covered loss. This may include temporary lodging, added meal expense, laundry, dry cleaning, furniture rental, etc.).

The liability protection should be set up at an amount that will protect your income, your equity and other investments subject to liens or a lawsuit. This is typically a very small expenses far as the choices of the policy yet this may be the most important (what if you overflowed your toilet and caused damage to 2-3 other units or start a fire setting off the sprinkler system and cause damage to the entire floor).

The medical coverage provides for medical expenses to any guest of yours that is injured while occupying your unit. This coverage is provided without any determination of liability required. Basically it will provide coverage if they are hurt in your unit up to the limits in the policy. At that point your liability insurance may provide added benefits if you were responsible for causing the injury.

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 . You can also get more information about Rick on his website rickwiese.com

Please visit our former blog “Downtown San Diego 92101 Condo and Loft Insurance – Is It Necessary?”

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 . You can also get more information about Rick on his website rickwiese.com

Read our former blogs “Downtown San Diego 92101 Condominium Home Owner Policy – The Master Policy!” and “Downtown San Diego 92101 Condo and Loft Insurance – Is It Necessary?”

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