Peace of Mind Condo Owners Insurance
Condo / Townhome insurance is one of the most misunderstood insurance products out there. Every association is different, so that makes your needs unique. This is not the time to let an amateur handle your insurance. Professional, independent insurance agents, McKenna Insurance Services, have the expertise to help you get the proper coverage for your home.
When choosing an insurance carrier, having choices is a good thing.
Our savings specialists do the legwork for you to shop coverages and rates.
Enjoy competitive rates shopped professionally by your personal agent.
Your Personal Insurance Guide
Insurance rating, coverages and policies can leave anyone scratching their head.
You don't have to go it alone. We're here to help make it easy.
The right coverage at the right price is our only destination.
Get the Right Coverage for Your
Condo or Townhome
Condos differ from traditional homes in many ways. So, insuring a condo is very different from insuring a house. Condo owners are usually responsible for insuring just a certain portion of the property that they bought, however, the rules are different from complex to complex. It’s critical that you get your condo insured properly to avoid an uncovered claim.
The fees that you pay to your association may pay for insurance that covers the structure that you reside in, but most likely, it doesn’t cover your personal property and any improvements that you made to your condo. Condominium owners insurance covers appliances, fixtures, remodeling, personal property, interior walls, and much more.
What About Earthquake, Flood, or Umbrella Insurance?
Both earthquake and flood are excluded causes of loss under all home insurance policies. You will need to insure these exposures with a separate insurance policy that specializes in protecting you from these catastrophic events. We represent multiple insurance carriers that specialize in earthquake and flood insurance.
And yes, McKenna Insurance Services also offers umbrella / excess liability insurance policies to guard you from the financial damages that exceed the liability protection you have under your auto / homeowners insurance policy.
Honestly, you never know what is going to happen, and you’re better safe than sorry purchasing these valuable insurance products. This protection can mean the difference between having a bad day, and having to go bankrupt.
Examples of Condominium Losses
We’ve seen it all, and it can get very costly for a condominium owner, especially in the litigious society that we live in here in California.
- Flooding out your neighbors unit (definitely a problem if you are on the 2nd floor).
- Starting a fire that burns your unit and causes smoke damage to other units.
- Being assessed monies for the association’s master policy insurance deductibles.
- Being assessed monies for claims that exceed the association’s liability coverage.
What Are You Responsible For?
Most often, the individual unit owner is personally responsible for insuring everything within the exterior walls of their own unit (although, we insure some condo owners that are responsible for insuring the entire dwelling that they reside in).
Quite often, condo owners don’t really have the desire to dig through all of their association paperwork (can’t say we blame them – it’s not too exciting). We understand how you feel (you’re not alone) and our goal is to make this as easy on you as possible. There are some general “rules of thumb” that we can base our assumptions on to get you the insurance policy that you need, quickly. Later on, when the dust settles, we are available to work together to fine tune your insurance program. We’re here to help you through this process.
What Does Your Association’s Master Policy Cover?
Condo owners typically own their individual unit, and share the ownership of the rest of the complex with all the other owners in the complex. So, the individual owners have a collective responsibility to insure the parts of the complex that they own in common (building exteriors, hallways, walkways, pool, and parking areas). Typically, your association collects monthly dues and uses a portion of these dues to insure these common areas.
Your condo association’s master insurance policy along with your association’s rules (CC&Rs – Covenants, Conditions and Restrictions) will make it clear what is covered by the master insurance policy, what is not covered, and what you’re responsible to insure on your own.