As a condo owner, it is your responsibility to ensure that you are protected from the different types of unpredictable disasters that happen from time to time. You receive some level of assistant through an insurance coverage known as condominium complex’s master policy. The policy caters for damages suffered by the building and pays for liability claims for any accidents reported to occur in the building’s area. However, there are some variations in what the master policy caters for from one condo to the other in Pomona, CA.
To ensure that you are comprehensively insured, make sure that you understand what is included in the master policy and what it does not include. You will also need to review your master policy to check what it protects. If you are experiencing trouble making sense from it, Think Insurance can help you understand what you are responsible for, what you are not and how buying condo insurance policy helps you fill the gaps.
What is included under Master Policy?
While your regular home insurance is responsible for protecting home structures and items, the master policy protects:
Shared spaces and buildings
These are areas that are shared or used by many condo owners like the condo pools and parks. They could also include structures such as condo gym and event rooms. Shared spaces also comprise of green areas, parking lots and walkways.
Condo unit structures
There are two types of insurance association which include the:
All-in- This structure excludes the installations and other fixtures in the condo unit but ensures other applications that come with the unit.
Bare walls in – It deals with the actual structure of the condo unit which includes the roof, walls, piping, wiring, insulation and the exterior.
The master policy ensures that everything that the unit owner insurance coverage does not protect is protected. To understand more about the master policy and condo insurance requirements in Pomona, CA, visit Think Insurance or find us on our website and we will answer any questions you may have concerning the same.