February 18, 2018
CAI Insurance Agency

Considerations for Your Condominium Owners Policy

  • Replacement cost for your personal property (contents) - Again, make sure you'll be getting enough to replace your appliances, clothing & furniture - not just their depreciated value.
  • Loss Assessment - Many times this is included at a low limit. You may want to "buy up" this limit, depending on your association by-laws and owners agreement.
  • Earthquake coverage - Check your association's insurance policy & by-Laws. Will the association come looking to the unit owners to foot the bill if the building(s) are damaged by an earthquake?
  • IMPORTANT NOTE: If your current agent or company did not ask for your association agreement and/or by-laws, you could be dramatically under-insured. Each condo association defines your responsibilities as an owner differently. The worst time to find out that you are responsible for covering all of your cabinetry, floor coverings, and drywall is AFTER the claim happens - especially if you only bought coverage for your personal property. You could be left holding the bag for thousands of repairs if your policy isn't written properly.