Home to almost-always-perfect weather, 40+ miles of scenic coastline, and an eclectic mix of suburban and urban communities, it’s no surprise that Huntington Beach in Orange County is one of the most highly sought-after places to live in Southern California.
So whether you own a condominium in Orange County or you’re looking to buy, chances are it’s one of your biggest and most important investments. And when it comes to your biggest investment, you simply can’t afford to skimp on insurance.
It’s natural to wonder whether condo insurance is truly necessary. In fact, we hear it from our condo clients all the time. As your trusted insurance advisors with 30+ years of industry experience, we’re here to tell you it’s a crucial protection for any savvy homeowner. But before you decide to buy a condo policy, it’s important to understand how it works.
When you own a house, you own everything –– the foundation, the walls, the roof, and even the land it sits on. When you own a condo, however, you are only responsible for the space within your walls; your HOA’s master policy traditionally insures everything else. But we’ll dive more into that topic in just a minute.
Condo insurance, sometimes called “walls-in” coverage or HO-6 insurance, helps protect you and your family, your individual unit, and your belongings in the event of a sudden and accidental loss.
Basic coverage for an individual condo policy breaks down into five main categories:
There is also the option to add additional coverages to a condo policy, some of which include scheduled personal property, loss assessment, identity theft, and building code upgrades.
Renting a condo in Orange County? Ask us about a renters insurance policy instead.
Condo insurance covers a breadth of sudden and accidental incidents. However, there are also a handful of situations that an individual policy does not protect against. While the following is not an exhaustive list, these are the typical covered / uncovered losses you can expect from an HO-6 insurance policy:
Most master policies only cover the structure of the building and common areas. While this type of policy usually pays to replace your walls and / or roof in the event of a covered loss, it will not cover and replace the inside features of your individual unit. As the owner, it is your sole responsibility to make sure your fixtures, alterations, and / or personal belongings are properly insured.
In the event your master policy has insufficient limits to pay for the person’s injury, loss assessment coverage can help offset your individual responsibility.
No. If you are renting any type of residence, you would be covered under a renters insurance policy.
Condo insurance in California varies, but can be secured for as little as $1 per day. Keep in mind that protecting what matters most to you is unique to you, which is why we encourage you to contact our office so we can design a policy that best suits your needs.