For as long as you have a mortgage to pay, you will need to obtain a homeowner’s insurance policy to protect the bank’s interest in the property until you own the property. Renters insurance, on the other hand, is not mandatory, only highly advised. However, a condo falls somewhere between the two, which makes getting condo insurance relevant. Unlike a homeowner, as a condo dweller, you do not own the building you live in or the land the building is on. As an individual condo owner, you will not be responsible for any damage to the building’s exterior or roof, such as storm damage. Common areas, such as the land outside the building, tennis courts, elevator, and hallways, also fall under the HOA’s master policy.
Do You Require Condo Insurance?
If you live in Concord, CA, your condo association will most likely come with a master policy to cover the building. Still, you will require an individual condo policy for your unit and personal belongings in it. Condo insurance is important to protect the mortgage lenders’ financial interest as you pay your mortgage and adhere to the HOA even after paying your mortgage.
What Does Condo Association Insurance Policy Cover?
Your condo insurance from Land Home Insurance Services will cover repairs in case of a natural disaster, replacing damaged or stolen belongings, and liability if guests are injured while staying in your unit. This insurance will also cater to damages in case you are sued for negligence. Before buying a condo insurance policy, determine what an HOA master policy covers to get adequate protection for your unit. Land Home Insurance Services offers condo insurance services and consultation. If you are looking for reliable condo insurance in Concord, CA, contact our office today for more details.