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Ron Morgan | EISInsurance

Condo Insurance- 7 Benefits for Insurance in San Diego

Dec 29th 2015 at 11:57 AM

Home insurance is considered as the most important part of a smart financial plan. Your home is the greatest asset of your life. Whether your home is a house, townhouse, mobile home, apartment, or a personal condo, it is necessary to protect your residence and the personal belongings. When it comes to Commercial Insurance, San Diego offers a wide variety of insurance schemes and coverages to its residents to protect their personal belongings against any unlikely damage or destruction.

Condo Insurance is the type of insurance that protects your personal property and any parts of your unit that aren’t covered by your condo association’s insurance policy.

Condominium insurance is a great idea because it is required for the financing of condos with the conventional financing. The requirement and importance of having a condominium policy was put into place by Fannie Mae and Freddie Mac in the mid of the year 2009. The required policy is also commonly known as a “Walls-in” insurance policy.

Condo Insurance, sometimes called as HO6 insurance policy, protects the insides of your home right from the interior walls to appliances and personal property and valuables. This policy helps you : maintain upgrades like if some renovations done by you earlier gets damaged-say a hardwood floors or granite counter tops , you can upgrade the same through this policy. It also covers your interior repairs like floors, interior walls and fixtures and replace them with the new. The condo policy also protects your personal assets like: you will get a personal liability protection incase you ever need to help your condo association cover a significant expense like damage or a lawsuit.

As a condo owner you own the home’s airspace, and not the actual structure of the home. The Condo association’s master policy only covers the actual structure of the home. The area from the “walls-in” is not covered unless it is specifically stated. When it comes to Condo Insurance firms will offer you the right coverage based on your needs to protect your home and other personal belongings and assets. Specific items that are covered in an HO-6 policy includes:

1) Interior walls and floor coverings: Under this category, this policy insures your items like building additions and alterations, installations or additions which comes under the clause of your unit and are your insurance responsibility according to the governing rules of the condominium association*.

2) Clothing and shoes: This part of policy gives you coverage onpersonal property in your home like clothes or furniture. It also covers your personal property with you while you are travelling in many places throughout the world.

3) Loss of property/unit: This policy protects you during the natural disaster or calamity like a fire, explosion, tornado or other insured loss severely damage your unit. In that moment of need you could need a substitute place to stay. This policy will give you the coverage on all the necessary increase in maintaining the standard of living. When it comes to the natural disaster many firms offer Earthquake Insurance in California and reimburse the cost of temporary housing while your unit is being fixed.

4) Loss of Assessment: This is very unique section of the condo policy wherein the policy recognises the potential for owners to be assessed for certain kinds of loss. For example if someone gets seriously injured on common property (say a swimming pool) and the compensation is higher than the amount of liability, the condominium/association policy will help you in getting through it.

5) Personal Protection/Liability: This policy protects you incase others make a claim or bring suit against you for bodily injury or property damage for which either you or any of your family member is responsible, either in your home or somewhere else and which the policy is applicable. This policy also holds the power to pay defence costs and court costs- even if the suit brought against you stands null and void.

6) Condo improvements and upgrades: This upgrade policy covers all the temporary repairs and renovations that have been incurred to protect the property from further damage.

7) Removal of Debris: This policy covers the expenses for the removal of covered damaged property following a covered loss.

Condo insurance gives you the confidence that your belongings are covered. It is always advised to get in touch with the specialist who can provide you the right protection for your home and other valuables.

* Improvements to your unit as well as other fixtures and equipment that are installed as part of the building may or may not be your insurance responsibility. It is always advised to check and verify the Association documents.

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