Navigating condo insurance can often raise more questions than answers. At THINK Insurance & Financial Services in Pomona, CA, we strive to help you understand what your condo insurance policy typically covers and, more importantly, what it doesn’t.
Structural Elements of the Building
A common misconception about condo insurance is that it covers all structural elements of the building. However, individual condo insurance usually doesn’t cover the exterior structure or common areas. Therefore, it’s critical to understand where your coverage ends and where the association starts to avoid unexpected lapses in coverage.
Flood and Earthquake Damage
Standard condo insurance policies often do not cover damage caused by natural disasters like floods and earthquakes. Given that these events can cause extensive damage, it’s a good idea to consider acquiring separate flood or earthquake insurance if you live in an area vulnerable to these risks. This added coverage can grant peace of mind and financial protection.
High-Value Personal Items
While condo insurance does cover personal belongings, there are limits to this coverage. High-value items might exceed those limits. To ensure these valuable assets are adequately protected, you could need to purchase additional riders or endorsements specifically for these items.
Wear and Tear
Condo insurance is designed to safeguard against sudden and accidental damage. It doesn’t cover things like wear and tear. Routine maintenance and upkeep of your unit are critical, as claims related to neglect or deterioration are not covered.
Understanding the limitations of your condo insurance is critical to avoid unpleasant surprises. At THINK Insurance & Financial Services in Pomona, CA, we’re here to help you navigate your coverage options and ensure you possess the protection you need. Contact us today to review your policy and explore additional coverage options tailored to you.
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