Condo Insurance Questions

HOA Insurance Murrieta CA

Make These Inquiries To Understand The Coverage That You Are Offered

Purchasing a condo is a great way to blend the freedom of owning a home (you get to choose the paint color, make renovations, and are investing in your property as you pay your mortgage) and renting an apartment (you do not have to worry about maintenance). Part of the reason this blend is so nicely achieved is because condos are placed within a homeowners association (HOA) that maintains the building itself and the common grounds.

As part of your HOA dues, you pay to cover the insurance that your HOA has purchased. Understanding how far your HOA coverage extends will help you know how much condo insurance of your own you should secure. To make sure you are not left with a gap in coverage, ask these questions:

  • What Kind Of Coverage Is It? Your HOA may have purchased studs-out coverage, which will cover the building and common areas but offers no protection for your condo itself. Other HOAs will purchase all-in coverage, which will protect the fixtures and some structural elements of your condo. Ask which type your HOA carries to understand where you need your own coverage to begin.
  • What Are Its Limits? If a natural disaster outstrips the limits of your HOA’s policy, you and the other condo owners could be on the hook for coughing up the difference. If your HOA’s policy limits are low, consider carrying loss assessment coverage to protect against this expense.

Would an expert insurance agent coming alongside you to help you understand how much coverage you need be helpful? If so, contact CorMarc Insurance Services in Murrieta, California. We can help you get the condo insurance you need.