Frank Yan of Sacramento on Condo Association Insurance vs Condo Owners

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Frank Yan of Sacramento says that when we decide to move into a condo, we may not realize that there is isn't a need to shop for condo owners insurance. After all, we are paying association fees, part of which goes toward a condo association insurance policy. However, these 2 types of insurances have very different coverages, so it is prudent to have both types of policies.

A condo association policy covers the condominium complex as a entire whole. Specifically, it protects important and common areas against damage and structural assets. You and the other condo residents make use of these areas like walkways, elevators, outer walls, swimming pools, etc. That’s why you pay for a portion of the insurance through your association fees.

Nevertheless, the association policy may not cover the interior of the condo that you live in. If a water pipe bursts and damages your possessions, or if they are stolen during a burglary, the association policy will not cover you. Condo owner’s insurance fills that gap.

Condo owners insurance works similar to homeowners insurance. It covers the condo unit against perils, fire, and fire. It also comes with personal liability insurance to cover damage you may accidentally cause to others property or injuries to visitors at your condo.

For the best piece of mind, it pays to have your condo fully insured through both your own policy and the one held by the condo association. Frank Yan suggest to contact your local Sacramento Insurance Policy Holder.

This content is offered for educational purposes only and does not represent any contractual agreements. The definitions,coverages and terms in a given policy can be different than those suggested here and such policy will be governed by the language contained therein. Frank Yan states no warranty or appropriateness for a specific purpose is implied and expressed.