Month: April 2020

When you are shopping for a new home, it’s helpful to understand the difference between home and condo insurance. THINK Insurance & Financial Services can provide quotes and walk you through the pros and cons of each. This enables you to make the transition from a house to a condo or vice versa, more confidently in Pomona, CA.

Liability Insurance: Condo versus Home Insurance

Under condo insurance, you are responsible if someone gets hurt or you unintentionally damage their property while they are in your condo. Liability coverage for condos helps you safeguard your finances. However, if someone gets hurt in a common area, such as the lobby or pool, the HOA insurance typically covers it.

Homeowners liability is similar to condo owners’ responsibilities. Your home insurance should cover injuries and property damage that occur at your home and beyond. However, homeowners are also liable for accidents and injuries that occur on the land they own. Trampolines, playgrounds, and pools increase your risk and can affect the cost of insurance. 

Personal Property Insurance: Condo versus Home Insurance

Under condo insurance, covering personal items falls under the owner’s responsibility. The HOA coverage protects common areas such as hallways and rooftops. However, your condo insurance reimburses you for losses such as furniture, electronics, clothing, and jewelry. Under homeowner’s insurance, personal property works in much the same way. You need enough insurance to pay for all your belongings in case of a total loss. 

To ensure that you have a handle on the value of your belongings, take an inventory, and estimate the value of each item. You’ll need to secure insurance for at least that amount to avoid paying to replace the items out of pocket. 

Your agent from THINK Insurance & Financial Services can provide examples to help you understand the risks and responsibilities associated with home or condo insurance. Call today to set up an appointment at our Pomona, CA office or to ask us any questions you may have. We’ll be happy to provide quotes and walk you through available policies.

In California, 45.2 percent of residents are renters. While the people who own the building must have home insurance, the law does not require renters to carry insurance on their rental. Having said that, some landlords and owners may require tenants to show proof of renters insurance before they allow them to rent from them. At THINK Insurance & Financial Services in Pomona, CA we are Independent agents and can offer our customers excellent service and competitive rates. 

One common misconception that many renters have is that their personal property will be covered by their landlord’s insurance in the event of an event that damages or destroys their personal property. This is not the case. The landlord’s insurance will only cover what is their property, the physical building, and things like bathroom fixtures and kitchen cabinets. Your personal property will not be covered. This can result in a catastrophic loss for you as a renter. If you had renters insurance, not only would it protect your personal property when it is in your dwelling but in the event that it was stolen while you are away from home or from your vehicle. 

If the dwelling that you rent is so badly damaged that you can not live in it, renters insurance may help you to pay for a place to stay while you are waiting for it to be repaired. Renters insurance also gives you liability coverage so that if someone is injured while visiting you or perhaps by your furry friend, you will have the means to pay the judgment against you. 

To answer the question do renters need to carry insurance in California you need to consider whether you can afford not to carry renters insurance. At THINK Insurance & Financial Services in Pomona, CA we are here to help you determine the answer that is right for you. Give us a call or stop by our office for a no-obligation quote.