Condo Insurance California
Condo Insurance is providing coverage for the inside of your condominium, the external areas under the jurisdiction of your condominium association. It depends on the detail of your condominium association’s master policy; your policy might include coverage for:
The interior walls
Your personal property and valuables
Your appliances
Additionally, providing coverage for your belongings in the event of a loss, condominium insurance will secure you against liability claims. If you are responsible for another person’s injury or damage to their property, and as well as legal fees you need to pay in case of a lawsuit this liability claims will cover you.
How Does Condominium
Insurance Work?
Your Condominium Insurance will cover the damages to your condominium building, grounds, and other external areas. This policy, accordingly needs to cover your personal belongings, appliances, and build in fixtures. But if a peril completely damages your condominium, and the peril is under the coverage this policy provides. The policy will cover the cost up to the coverage limit of the policy. These are some of the coverage of condominium insurance.
Liability Coverage
Condominium liability insurance coverage will secure you and your family members against lawsuits for bodily injury or property damage. Liability insurance coverage is an essence of a condominium insurance policy, the same for homeowners and renters. Having liability coverage will help you to secure your money in case of legal expenses.
Loss of Use Coverage
Loss of use coverage some other presents as additional living expenses coverage. This coverage is important when a disaster happens and your condo can be uninhabitable for the moment due to damages or evacuation order. In addition this coverage covers the expenses or reimburses the extra expenses you spent to maintain your regular living.
Loss Assessment Coverage
Loss assessment insurance is an optional coverage that can be an additional coverage for your policy. Certainly, this covers events in which the condo owners are financially responsible for a shared loss.
Is Condo Insurance Tax Deductible?
Condominium Insurance as a rule, like homeowners insurance deducting it from your taxes is not valid. Despite that, if you let another person rent your condo you might be able to deduct the cost of your landlord insurance. But if you do business out of your condominium, you can generally deduct a section of your policy in your taxes.
Does Condo Insurance Cover Theft?
Condominium Insurance does cover theft or burglary if your policy provides coverage for personal property. Therefore, you must be aware that some of your definite belongings does not include or have specified limits. In that case, you may need endorsements to get full coverage to secure your valuables. Most importantly to ensure all your items will get protection, make a full inventory for your personal properties and specify their cost.
Protect everything your association doesn’t, get a free condo insurance quote today to see how much you could save.
