Condo Insurance in California

Many people that are purchasing a condo in the state of California assume that the homeowner's association (HOA) insurance covers all of their losses. They are making the monthly payments to the HOA, but they may not be fully covered.

Condo owners or purchasers are required to purchase California HO6 Condo Insurance to make certain all of their personal assets and the mortgage company's assets, if it is financed, will be covered in the case of a loss.

HO-6 - This condo insurance may be in the HOA policy, or you may, as an individual who is purchasing a condo, need to obtain this yourself. It protects every item inside of the condo walls. The condo insurance master policy should include the replacement of any items of improvements and betterment coverage that covers all improvements that a purchaser has made to the property within the walls.

This type of insurance in California protects all of your assets within the walls of the specific condo. Damages it covers include all types of perils such as vandalism or falling objects that cause damages, fire, and any damages caused by trucks or any other objects.

Master Policies in California

The HOA will carry a master policy on your condo in Malibu, Los Angeles, Palm Springs, San Diego, Orange County, San Francisco, Ventura, Santa Barbara, CA or anywhere in the state your condo might be located, but you need to look over your copy very carefully to see what it covers. There is no need to pay for extra coverage of items that you are already covered on and we at Voi Insurance Solutions, LLC can help you with this.

What are Deductibles?

In the event of peril at your condo, the policy which will cover the event will have a deductible. If the HOA policy covers the peril, then the condo association will pay the deductible and then the insurance company will pay for the repairs. However, if it is your condo insurance that covers the item causing damages, you will first need to pay the deductible before the insurance company pays for the damages.

It is of the utmost importance to secure a copy of your HOA insurance policy to see what coverage you as an individual may need. This can be confusing, but you can visit us at Voi Insurance Solutions, LLC in Los Angeles, CA with the policy and we can help you to make any decisions that may concern you. If you do not already have a condo insurance policy, we can help you start one and answer any questions you may have.