When insuring a condo or co-op, check your documentation to ensure that you are complying with condo by-laws. Your agent can review your paperwork.
Questions to answer:
- What parts of the condo are you responsible to insure?
- What is the potential for loss assessments?
- At what value does the association insure common property?
- What is the association's deductible?
- Are you obligated to add any extra coverage?
Standard condominium coverage includes:
- Real property–coverage for the structural part of the condominium that you own such as interior walls, fixtures, plumbing, flooring and improvements.
- Personal property–portable possessions such as computers.
- Loss assessment–contributions that members make for the repair or replacement of common property.
- Additional living expense–covers the cost of temporary housing, food and living when displaced by an insured loss.
- Liability–covers you for negligence in injuring other people or property on your premises, defense including paying for a lawyer and court costs.
- Medical–coverage for minor injuries to people other than residents of the household if there is no lawsuit.
For more information about condo insurance in California, contact
Cook, Disharoon & Greathouse.
