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Condo Owners vs. Condo Association Insurance

    < 1 minute read

    When you move into a condo, you may think that there’s no need to shop for condo owners insurance. After all, you’re paying association fees, part of which goes toward a condo association insurance policy. However, these two types of insurances have very different coverages, so it is prudent to have both types of policies.

    A condo association policy covers the condominium complex as a whole. Specifically, it protects important structural assets and common areas against damage. You and the other condo residents make use of these areas like elevators, walkways, outer walls, swimming pools, etc. That’s why you pay for a portion of the insurance through your association fees.

    However, the association policy may not cover the interior of the condo you live in. If a water pipe bursts and damages your possessions, or if they are stolen during a burglary, the association policy will not cover you. Condo owner’s insurance fills that gap.

    Condo owners insurance works similar to homeowners insurance. It covers your condo unit against fire, burglary, and other perils. It also comes with personal liability insurance to cover damage you may accidentally cause to others’ property or injuries to visitors at your unit.

    For the best piece of mind, it pays to have your condo fully insured through both your own policy and the one held by the condo association. Contact AIS today to get the best rates on California condo owners insurance.

    This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.