Solvang Insurance Agent Releases a Report Clarifying Condo Owners Insurance

By Georgio Salas.
Updated Jul 22, 2021

SAN LUIS OBISPO, Calif. (PRWEB) July 22, 2021 - Owners insurance for a condominium unit can be somewhat bewildering because its not as straightforward a situation as insuring a single family home on property owned solely by the homeowner. Rick Torres, State Farm Insurance Agent in Solvang, CA has recently released a report that helps clarify what condo owners insurance covers in relation to what the Homeowner Association master policy covers.

Condo insurance is different than traditional homeowners insurance in that it covers loss of personal items and property and provides liability for most events that happen inside the unit. The Homeowners Association (HOA) insurance typically focuses on the building structure and common areas. Condo insurance coverage works in tandem with the condo association master policy to meet the unique needs of condo living.

Condo unit owners insurance typically covers personal property loss due to:

Before investing in buying a condo, the Solvang insurance agent recommends thoroughly read the Covenants, Conditions, and Restrictions (CC&Rs). The CC&Rs describe, among other things, exactly what the HOA is responsible for maintaining and repairing and frequently describe circumstances of damage to common areas that the HOA will consider to be caused by the unit owner or owners visitors. CC&Rs also describe a number of other rules life in the world of condos, including where to park vehicles, whether or not pets are allowed and which types, and more.

What condo unit owners insurance doesnt cover:

Before sitting down with your insurance agent, make a list of personal property, and the value of each, that you wish to insure. The value of items helps determine how much coverage you need. Your agent will discuss the coverage options with you and explain replacement costs and the loss settlement options.

The agent will also help you understand which interior features of your unit are not covered by the HOA master insurance policy. Features such as cabinets, countertops, carpet can contribute to the value of your unit. Be sure you have read and understand the CC&Rs before visiting the Solvang insurance agency. It might be helpful to bring the CC&Rs with you.

R.W. Torres State Farm Insurance Agency 540 Alisal Road, Suite 4 Solvang, CA 93463 (805) 688-5418