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What is Condo Insurance?
Condominium owners have unique insurance needs, for their risk exposure is both similar to and different from that of single-family homeowners. Condo insurance is specifically adapted for California residents who have condominiums.
Condo owners’ coverage needs depend partly on what protections their condo association’s insurance policy provides. Purchasing duplicate coverage isn’t ideal, but neither is leaving coverage gaps in place. To make sure that a chosen condo insurance policy matches an association’s policy well, condo owners should work with a knowledgeable insurance broker when shopping for coverage. Someone who specializes in these policies will know how to check for both duplicate coverages and coverage gaps.
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Who in California should have Condominium Insurance?
Most California condominium owners should consider purchasing condominium insurance. This includes in-state and out-of-state residents who have a condo, and people who use a condo as their primary or a secondary residence.
In many cases, condominium insurance isn’t just suggested but is required. Banks commonly require condo owners who have mortgages to carry a minimum amount of coverage, and condo associations sometimes have insurance requirements.
Do Condominium Policies cover valuable belongings?
Most condominium policies provide some coverage for valuable belongings under personal property coverage, but the limits on claims related to valuable belongings can be lower. Many policies have lower limits for items such as collectibles, firearms, jewelry and electronics.
When a condominium policy’s standard protections don’t fully cover specific valuable belongings, additional coverage may be procured through an optional coverage, item-specific endorsement or altogether different policy. An insurance broker who specializes in condominium policies can help sort through these options and help determine which option makes the most sense in a particular situation.
What does HO-6 Condominium Policy mean?
Within the insurance industry, condominium policies are commonly considered a subset of homeowners policies and thus abbreviated with “HO-.” There are a few such abbreviations for condominium policies:
- HO-6: Usually a fairly standard condo policy
- HO-32: Usually a more robust condo policy
- HO-33: Usually a policy for leased condos
- HO-35: Usually used for loss assessment coverage
How can California Condominium Owners get Condo Insurance?
For help insuring a condominium in California, contact the independent insurance brokers at Heffernan Walton Insurance. Our brokers will help you find a condo insurance policy that meets your needs well, and we can recommend the best policies regardless of what insurance company offers them.