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Condo Insurance: Must-Know Information
Purchasing a condominium is a great way to save money while still getting to enjoy more space than an apartment yields. However, many condo owners are misinformed when it comes to the proper way to insure the unique nature of their home. The last thing we want is for your condo to be vulnerable to harm, which is why we have gathered all the must-know information for insuring your condo to the fullest.
Many condo owners assume that they receive coverage through their landlord’s insurance policy and fail to obtain the necessary protection. In reality, a landlord insurance policy only covers the actual property and shared areas, and the line is drawn once you enter the condo. That means that you will be responsible for both personal property, interior structure, and liability concerns. However, similar to a homeowners insurance policy, you will not receive coverage for flood or earthquake damage. In order to be covered for these common perils, you must obtain a separate, exclusive policy for each. Both flood and earthquake insurance can either be purchased as an endorsement or as a separate policy altogether.
When it comes to providing your most important items with adequate coverage, you will need to decide whether or not you want cash value coverage or replacement cost coverage. Cash value coverage is the most standard, and less expensive of the two, but will only reimburse you for the current value of an item should a covered loss occur. In contrast, replacement cost coverage will give you the purchased value of the item, excluding any depreciation calculations.
Contact Cook, Disharoon & Greathouse, Inc., in Oakland for all of your Northern California condo insurance needs. Allow us to provide you with the protection you deserve in the comfort of your home.
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