Quotes on Condo Insurance in California
Condominium insurance is similar to rental insurance in that the unit owner is covered. This coverage includes personal property, damage to the interior of your unit, as well as any improvements. Since you own your condo and do not have a landlord, your condominium association usually purchases the insurance for the corridors and building structure itself. As the owner of a condominium in California, you may want to consider purchasing a provision that covers you for particular assessments your condominium association makes. You need to make sure you are insured in the event of an earthquake.
All properties are different. Because condo policies vary, you should consider seeking the advice of an independent agent at THINK Ins. & Financial Services. As your independent agent, we can help you compare condominium insurance quotes. This makes it easy for you to find an insurance policy that meets your needs and is easy on your budget.
Make Sure Your Insurance is Adequate
Following the fires in California, many affected homeowners experienced one of the following insurance problems:
- Inadequate insurance-to-value, which means that the dwellings were underinsured
- Increases in the costs of construction
The increase in costs came about because when homeowners rebuild, they must comply with the new California building codes. Another factor that raised the costs of rebuilding was the need to build new foundations (due to the extreme heat of some fires) and remove debris.
Insure your condo and its contents. As a guideline, the contents limit is usually about 50 percent of the dwelling amount. You are the only one who knows the replacement cost of your personal possessions. When you calculate your contents limits, account for all of your personal property. It is important to note that some kinds of personal property have limited coverage.
If you decide to purchase a "replacement cost policy," your chances of being able to rebuild your condominium completely are better. With that said, there are numerous replacement cost policies available. Make sure that the replacement cost policy you choose meets all your needs.