Insurance by Allied Brokers serves the state of California with the policies it needs to protect its homes, including condo homes. The state does not require you to insure your home, but you may need condo insurance because your condo association or financial lending institution requires it.
Condos, unlike autos, the state does not mandate insurance due to liability concerns. Yes, something could happen at your condo that would hurt another person, but that's much less likely than an auto accident. You do need condo insurance, though, to protect your investment or your property.
The condo association has an insurance policy for the condo complex, but it covers the complex's public areas, like the hallways, the green spaces, the pool, etc. It also covers the association's liability if an accident occurs in those public areas.
Your condo policy protects the property inside your home. It lets you know that if something happened like a fire at the complex, your belongings would be covered against loss and so would repair any changes you had made to the condo, such as adding built-in bookshelves.
Your condo policy also protects you from liability for any injuries that occur inside the condo. If someone falls inside your condo and breaks their leg, for example, the condo insurance policy you own pays for their medical bills, court costs, and settlement if they sue you. Your condo association only covers it if the person falls and hurts themselves in a public area.
You can add to your condo policy if you work from home or run a home business. Adding coverage options and riders to the policy makes it more specific to your needs and property.
Call Insurance by Allied Brokers today to learn more about how we can help you insure your California home and property. Let us get you started on insuring your business and property adequately.