CONDOMINIUM OR TOWNHOUSE INSURANCE
Like Homeowners insurance, there are different sections of your Condominium Insurance policy that you should get acquainted to . A lot of people think that their Homeowners Association Insurance policy is all they need, but that is definitely not true. You still need to insure your personal property, in-wall coverage, and personal liability insurance.
Condo/Town home Lingo:
Personal Property: This covers the personal objects in your home. A good example is furniture, clothing, electronics, artwork, etc. Some items are not covered in what is also called Coverage C. Property like jewelry, bullion, firearms, fine rugs, and silverware is limited in coverage and needs to be scheduled on your policy for an additional cost. This gets you the full appraised value of these items.
Loss of Use: Or also know as Coverage D, is essential coverage when you have an insurance claim and have to vacate your home for it to be repaired. The insurance carrier will pay for a like size and quality temporary home while the home is under construction.
Personal Liability: Probably the second most important coverage you get after dwelling coverage. People in California get suede left and right. Whether you are at fault or not, getting pulled into a lawsuit is very expensive. This covers physical or mental harm you can do to another. This also covers damage that you can do to a neighbors house – like a tree on your property falls on your neighbors causing damage to their home. This liability coverage covers all household members in and out of your home. This is also called Coverage E.