Buying a condo in Pomona, CA? There are a few things you should know before settling in, and a few myths we’d like to dispel.
1. You’re Covered Through Your Condo Association
Not exactly. Your condo association fees will cover insurance payments, but that is only on the building itself. That means that if the building were to catch on fire, if someone were to drive into it, if it were to be damaged by a storm, then your condo association’s insurance would kick in to cover the losses.
If your condo were to be broken into, on the other hand, the condo association policy would only cover the broken window. The lost items would have to come from your own personal condo insurance policy.
2. I Can Afford To Replace My Stuff, So I Don’t Need Condo Insurance
First of all, your condo association might require you to carry insurance, anyway. Secondly, the real concern is a liability. If someone is injured on your property, you’re going to be the one paying for it if you don’t have a personal condo policy.
3. My Policy Will Cover Tenants
If you’re renting your place out, either temporarily or on a permanent basis, your policy will only cover your tenants if it specifically states that it will. And it probably doesn’t. Your renters will need to get covered on their own renter’s policies. It’s not a bad idea to require this of your tenants.
If you have any questions, get in touch with THINK Insurance & Financial Services. THINK Insurance & Financial Services can get you the coverage you need for your condo in Pomona, CA.