February 17, 2013

Condo Insurance in Glendale & Santa Clarita

Do You Know If Your Condo Is Fully Covered Under Your Current Insurance Plan?Condo Insurance

If you’ve recently purchase a condo, then you may be wondering how condo insurance works. While owning a condo and a home can be very similar, the coverages are very different and will vary depending on the Covenants, Conditions, and Restrictions (CC&R’s) of your particular Condo Association.

This coverage is extremely important, because in most cases, damage to the interior of your unit and your personal belongings are not covered by your Condo Association.

We at Cornerstone Preferred Insurance specialize in Condo & Homeowners Association Master Policies, so we understand what is and is not covered on those policies, and how you as an individual unit-owner can protect yourself properly.


Contact Cornerstone today to get started. Call 888-840-4020 or get an online quote – we have insurance specialists in both Santa Clarita and Glendale.


Frequently Asked Questions About Condo Insurance

What is the difference between condo insurance and home insurance?

Condo owners, unlike homeowners, have a collective responsibility to insure common areas of their complex, such as hallways and the pool. Usually, association fees will be used to insure common areas; however, condo owners need to be sure to check their condo association’s master policy to find out which areas they are responsible for and which areas the condo association is responsible for.

While assessing the value of your possessions and the cost of replacing the structure, it is important to make sure there aren’t any gaps between your coverage and association coverage. Agents may take a look at the bylaws and master policy to learn if the condo owner needs expanded coverage.

What will my condo association cover?

There are two main types of insurance that a condo association will typically get:

  • “All-In” Coverage: this type of coverage will protect fixtures and appliances inside of your condo, but not the personal property.
  • “Bare Walls-In” Coverage: this type of coverage won’t cover anything inside of your house and may not even cover the plumbing or electrical systems.

If your association has only “bare walls-in” coverage, then you might need additional insurance. Your agent can help you determine the specific coverage that you will need.

How much condo insurance should I buy?

After purchasing your condo, you may be wondering how much insurance you need. To begin the process, you will need to do an inventory of your personal items, such as furniture, electronics, jewelry, appliances (in some cases), and other valuables.
After totaling these numbers, you will be able to set coverage limits and per item limits. For example, if you own a $5,000 piece of jewelry, and your coverage limit is $5,000, but your per-item limit is $1,000, then that piece of jewelry is not fully covered.

When you call our personal insurance specialists, we can help you make sure that all of your valuables are protected!