In the event of the unexpected and unforeseen, condominium owners insurance provides financial protections for you and your family. It pays for the repair and replacement of damaged or stolen items as well as liability exposures that you may have.
Condominium insurance is tremendously important, though many condominium owners do not know that it is needed since their HOA likely has a master policy for the replacement of the buildings. It is important for all owners to understand what their HOA’s master policy covers, and more important, what it does not cover. Most times, the HOA’s Codes, Covenants and Restrictions (“CC&Rs”) provide guidance for all owners regarding what their personal insurance policies should cover.
In addition to writing personal condominium insurance for owners, the Michael Abdou Insurance Agency has specialized in writing HOA insurance for three decades. With this expertise, we are intimately familiar with common exclusions on the HOA’s policy and where gaps may exist between an owner’s condominium policy and the HOA’s master policy.
Some of the most important coverage items to be included on the personal condominium policy include:
Condominium owners face a particular challenge of trying to match their coverage with the HOA’s to ensure that no gaps exist between the two policies. At the Michael Abdou Insurance Agency, we take great pride in having the unique expertise of insuring HOA’s as well as individual condominium owners. We understand where the gaps in coverage can exist and are intimately familiar with how CC&Rs read. This allows us to ensure that the policies offered through our agency are unique for your home and HOA, and that you are protected in the event of the unforeseen.
In the age of the internet, people are encouraged to shop around for the best price as if all coverage was built equally. This is simply not true, and many times the least expensive coverage will be the lease protective coverage. Every family and home is different and requires a custom solution to unique exposures. We are here to be your resource and encourage you to give us a call to discuss your unique insurance needs.