Get the Correct Condo Insurance

Condo insurance gives protection for the inside of your condominium. Depending upon the specifics of your condominium association’s master policy, your condo insurance includes coverage for, the interior walls, your appliances, your personal property and valuables. Apart from this, it also cover your belongings in the event of loss, gives protection against liability claims if you are responsible for another person’s injury or property damage, or have legal fees to pay due to a lawsuit.

Your condo insurance policy gives protection for loss or damage to your personal possessions, and provide coverage for personal liability and medical payments. Also, it will cover the loss to your condominium in the event of fire or storm and you need to live elsewhere during repairs. You may have to purchase additional coverage for specific items such as artwork, jewelry and other items of value.

As a condo owner, you receive some level of insurance coverage through the condominium complex’s master policy, which helps in protecting the building’s common areas and liability claims for accidents that occur in those areas. To make sure you insure your unit and your possessions properly, it is very important to understand what a master policy usually covers, what it sometimes covers and what it usually doesn’t cover. Also, you need to review your condo association’s master policy to find out exactly what it covers. Only after getting a clarity and understanding of what you are responsible for and what you aren’t, you can purchase a condo unit- owner’s policy to fill in the gaps.

Condo insurance helps in covering the loss of personal liability, and it differs from renter’s insurance in a way that you may be responsible for some of your unit’s interior components, depending on what the building’s master policy states. Condo association’s master policy, or HOA policy, will cover damage to your condo building, ground and other external features. Therefore, make sure that your condominium policy is covering your personal possessions, appliances, and sometimes installed fixtures and other attached features in the unit. In a situation where your house is covered for burglary or fire, you will need to file a claim with your insurance company, and/or condo insurance company. For example if your condominium was burglarized, most likely you will simply file a claim with your insurance company. But in a situation where the burglary involved breaking and entering that destroyed an external doorway or if the external security experienced a failure that made the burglary possible, the claim may involve both your insurance company and the condo association policy. The bottom line is, Condo insurance differs from renter’s insurance and homeowner’s insurance in a way that it covers both the building’s structure and certain interior components.

Always make sure that between the complex’s master policy and your unit-owner’s policy, you’re fully protected but not over-insured. It is also advised to get a copy of the condo’s master policy before you buy so you have enough insurance from day one, and also update your coverage or make sure you aren’t overpaying for coverage you don’t need.

Whether you need Commercial Insurance San Diego, Condo Insurance California, and Earthquake Insurance California, there are many insurance professionals that can provide you with the rightcoverage at a price that fits your budget.

About the Author(Article Source: http://www.artipot.com)
Ron Morgan is the market representative for EIS Insurance. EIS Financial and Insurance Services is full financial service agency providing home insurance, renters insurance, condo insurance in San Diego, California, business and commercial insurance from Northridge and San Diego offices.

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