With the increasing incidence of severe weather, especially during winter in Pomona, CA, condo owners may wonder if their insurance policies cover storm damage. The good news is that insurance will cover most storm damage you sustain, but determining who is responsible for specific damages may not always be clear. THINK Insurance & Financial Services can help you understand what your condo policy covers.
How Condo Insurance Differs from Homeowners’ Insurance
When you purchase a condo insurance policy, you’re not insuring the entire property. Typically, your homeowner’s association insures the building’s outer shell and common areas. The policy you buy insures the interior of your unit and its contents. Your policy will include dwelling coverage, which protects the structural elements of your home, including walls, floors, ceilings, electrical systems, and plumbing. Standard condo policies also cover personal belongings and losses caused by severe weather, such as windstorms and hail.
For example, if a severe thunderstorm damages your building, breaching the windows and causing water and wind damage to your unit, your condo policy would likely cover the resulting damage. However, if the exterior wall sustains damage, the policy purchased by your homeowners’ association will cover that. Additionally, if your unit becomes unlivable due to damage, your policy will typically cover expenses for temporary living arrangements.
What Condo Insurance Does Not Cover
Although condo policies typically cover water damage, the source of the water is a key consideration. If water intrusion comes from above or from a pipe broken by the storm, you will receive coverage. However, water intrusions caused by floods or mudslides require a separate policy.
Fully protect your condo by speaking with the agents at THINK Insurance & Financial Services, serving Pomona, CA. Contact our office today to get started on a policy tailored to your needs.
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