Properly Protecting Your Condo

Paperwork at homeCondo Owner Questions

Owning a condo is slightly different than owning a house, but it still comes with much of the same responsibility, including making sure that you are properly protected with the right insurance policy. Knowing how much insurance you need to protect your condo and assets will help to ensure that you invest in the right amount of coverage.

When you buy a condo, you become part of a homeowners association, or HOA. HOAs will provide their own insurance policy, known as a master policy that will provide coverage for the communal area and the actual structure of your condo. Knowing where the master policy ends and how much of your own insurance you need to invest in will help to make sure that your home is protected.

Make sure to ask yourself these questions before investing in a condo insurance policy to make sure you have enough protection for any peril.

  • What is covered by the master policy? While typical master policies will provide coverage for the outside of your condo and common areas, the amount of coverage depends on the specific policy. Make sure to look at your master policy so that you are not left paying for double coverage.
  • Is liability covered by the HOA? Most master policies provide some coverage for injuries that occur in the common areas. However, they will most likely not cover injuries that occur in your home. Investing in your own liability coverage will help to ensure that you are protected from any peril.
  • Will the master policy cover renovations? Since most master policies will not provide coverage for the inside of your condo, any renovations will typically be your responsibility. Keep in mind that it never hurts to check, so make sure to talk with your HOA before investing in more coverage.

Contact McCarty Insurance Agency in Fresno, California for all your homeowner’s insurance needs.