Townhouses and condominiums are an ideal housing alternative for many of this state’s residents, so it is little wonder that there are so many companies in California that offer condo insurance policies. Cooperative-living housing units are typically located near shopping, dining and entertainment outlets, and they offer the convenience of hassle-free maintenance as well as shared amenities like swimming pools, clubhouses and fitness centers. Whether you have chosen to own a townhouse near your job in downtown San Jose or have chosen to spend your retirement years in a condo with an ocean view in Newport Beach, comparing condominium insurance quotes in California can help you find a policy that is both inclusive and affordable.
Average Price of a Condo in Major CA Cities, 2011
- Los Angeles: $460,424
- San Diego: $446,098
- San Jose: $492,699
- San Francisco: $757,494
- Fresno: $231,174
- Sacramento: $287,298
- Long Beach: $532,411
- Oakland: $529,473
- Bakersfield: $218,635
- Anaheim: $386,645
What Is Condo Insurance?
Condo insurance, sometimes referred to as H06 insurance, is specialized homeowners insurance that meets the unique needs of those who engage in co-operative living by owning condominiums or townhouses. Standardized H06 Unit-Owners forms are the medium for drawing up condo insurance policies. This insurance covers your personal property as well as the walls, floors and ceilings of your unit against all perils listed in the policy.
When you buy a condo or townhouse in California, you will need to pay dues to a condo association. This association administrates a master policy that covers the physical structure of your building as well as all of the common areas. However, the master policy does not provide coverage for damage that occurs within your unit, even if it is the direct result of damage to the building’s structure. For walls-in coverage, you will need to turn to your own condo insurance policy.
Condo Insurance Covers Your Personal Property
Condo insurance can protect you from the financial burdens that go along with replacing property lost or damaged in a catastrophe such as a fire or severe windstorm. Be certain that you have purchased enough coverage to effectively cover all of your personal belongings, including furniture, clothing, kitchenware, carpeting and appliances. That way, if you should suffer a total loss because of a major disaster, you will have funds sufficient to start over.
Policies frequently limit how much coverage you can include under certain categories like electronics and jewelry. Therefore, if you own any very valuable property that may cause you to exceed these limits, you may need to purchase additional endorsements in order to have full coverage.
You should also be aware that your condo insurance policy does not cover earthquake damage. For coverage against natural disasters, you will need to supplement your coverage with additional policies. Given the high risk of earthquake damage in California, it is important that you ensure that your condo association’s master policy includes coverage against seismic events.
CA Property Crime Statistics from Neighborhood Scout, 2014
- The per capita property crime rate in CA is slightly lower than the national average.
- Approximately 6.46 out of 1,000 households in this state are the victim of burglary each year.
- Comparatively, 6.70 out of 1,000 households in the U.S. are the victim of burglary each year.
- There were approximately 2.1 million burglaries reported in this state in 2012.
- The safest cities in California are Trona, Albion and Hidden Hills.
- The CA cities with the highest crime rate are Oakland and Bakersfield, each with more than 14 burglaries per 1,000 residences – more than double the national average.
Condominium Insurance Covers You Against Property Crimes
Many condominium complexes have gates or another type of secure entry system. Residents therefore have a measure of security against burglary and other property crimes. However, any time you have a large group of people living in close proximity to one another, criminals can find a way in. Because they have a decreased risk of property crime, condo owners in safer areas such Hidden Hills are likely to get lower insurance quotes than those who own condos in cities such as Oakland.
In the event that someone burglarizes or vandalizes your condo or townhome, you should first ensure your safety and then call the police to file a report. You will need a copy of this report when you file a claim with your insurance company. Contact your insurance company or agent with a list of damaged or lost items. An insurance adjuster will meet with you and may even write you a settlement check on the spot. Being the victim of a property crime can be extremely stressful, but having an insurance company backing you up may offer some relief.
Condo Insurance Can Protect You Against Liability Costs
As with any homeowners insurance policy, condo insurance provides coverage against certain liability claims. This coverage typically costs less for condo owners than for owners of traditional homes since there are fewer liability risks with condo insurance. This is because if someone suffers injuries outside the walls of your condo such as on a walkway or at the pool, the condo association’s master policy will cover the costs. In the event that you need to use it, your liability coverage has the potential to save you thousands of dollars. Some situations in which you may need to file a claim include these:
- If you are responsible for a third-party injury that takes place inside your condo
- If you cause an injury or property damage to a third party while engaged in certain activities such as skiing, hunting or off-roading on an ATV
- If your pets or children injure someone or damage another’s property
- If you commit libel or slander such as might happen if you defame another’s character on your personal blog
In addition to covering the compensation you may end up owing to injured parties, your liability coverage can also cover any related court costs and legal defense fees, up to your coverage limit.
Compare a Variety of Condo Insurance Quotes in California
When you are shopping for the right insurance policy for your California condo, an independent agent in the Trusted Choice® network may be of assistance. These agents can help you review your condo association’s master policy so that you can be sure the insurance policy you purchase provides all the coverage you need and you are not paying for coverage that you already have. These agents can also use their relationships with a variety of highly rated insurance companies to present you with a selection of competitively priced policies for your review.
Contact a Trusted Choice agent with an office near you to get more information and to start comparing condo insurance quotes in California.