Just like any other homeowner, owners of condos must take steps to protect their property. Condo insurance helps you do just that. Here’s everything you need to know about this type of insurance.
What Is Condo Insurance?
First, let’s define what a condo is. While condos and apartments are often confused, the main difference between them is that apartments are rented while condos are owned by the user.
Now, just like apartments, condos are individual units in a larger building. This means that there are usually two insurance policies protecting a condo: a master policy and an individual condo policy.
The master policy covers the general structure of the building and is the responsibility of the building management, which pays the premiums out of your maintenance fees.
By contrast, you are responsible for managing and paying the insurance of your individual condo. This policy covers your possessions and all the structures not covered by the master policy.
Getting Condo Insurance That Meets Your Needs
Just like any other type of insurance, Condo Insurance has exclusions that you need to keep in mind.
Some additional coverages you may like to consider adding to your basic Condo Insurance policy include:
- Water liability
- Umbrella insurance
- Flood insurance
- Earthquake insurance
Before shopping around for Condo Insurance, get in touch with the people managing your building and review the details of the master insurance policy.
Once you understand what is and isn’t covered by the master policy, it’s easier to build an individual policy that covers any gaps and delivers the protection you deserve.
Looking for Condo Insurance? Contact the Experts at Delgado’s Insurance
Looking for assistance with condo insurance, life insurance, or any other type of coverage? contact our experts at Delgado’s Insurance. Our mission is to help you make sense of your options so that you can get insurance that fits your lifestyle — and your budget.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email (email@example.com), or through our social media accounts (Facebook, Twitter) to get a free quote and learn more about our wide array of services.