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California insurance for co-op's or condo's
If
you have purchased a condo or co-op, the bank will require insurance to
protect its investment in your home. You may, however, need more
insurance to cover your personal items, liability or fees that may be
charged to you regarding shared areas of the building like the lobby.
You will need two separate policies to protect your investment:
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Your own insurance policy.
This provides coverage for your personal possessions, structural
improvements to your apartment and additional living expenses if you
are the victim of fire, theft or other disaster listed in your policy.
You also get liability protection. |
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A
"master policy" provided by the condo/co-op board.
This covers the common areas you share with others in your building
like the roof, basement, elevator, boiler and walkways for both
liability and physical damage. |
To
adequately insure your unit, it is important to know what structural
parts of your home are covered by the condo/co-op association and what
are not. You can do this by reading your association’s bylaws and/or
proprietary lease. If you have questions, talk to your condo
association, family attorney, or your friendly customer service agent
here at All Access Insurance Services, LLC.
Sometimes the association is responsible for insuring the individual
condo or co-op units, as they were originally built, including standard
fixtures. The individual owner, in this case, is only responsible for
alterations to the original structure of the apartment, like remodeling
the kitchen or bathtub. Sometimes this includes not only improvements
you make, but those made by previous owners.
In other situations, the condo/co-op association is responsible only for
insuring the bare walls, floor and ceiling. The owner must insure
kitchen cabinets, built-in appliances, plumbing, wiring, bathroom
fixtures etc.
Also ask us about the following additional coverage’s:
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Unit assessment.
This reimburses you for your share of an assessment charged to all
unit owners as a result of a covered loss. For instance, if there is a
fire in the lobby, all the unit owners are charged the cost of
repairing the loss. |
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Water back-up.
This insures your property for damage by the back-up of sewers or
drains. Water back-up may not always be included in a policy.
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Umbrella liability.
This is an inexpensive way to get more liability protection and
broader coverage than is included in a standard condo/co-op policy. |
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Flood or earthquake.
If you live in an area prone to these disasters, you will need to
purchase separate flood and earthquake policies. Flood insurance is
available through FEMA's National Flood Insurance Program. Both flood
and earthquake insurance can be purchased through All Access Insurance
Services, LLC. |
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Floater or endorsement.
If you own expensive jewelry, furs or collectibles, you might consider
getting additional coverage since there is generally a $1,000 to
$2,000 limit for theft of jewelry on a standard policy. |
Our Pledge to you
"We are committed to providing you with SUPERIOR service and protection at
affordable rates. We make YOU our priority."
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TOLL FREE
(800) 808.2695 |
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Low rates and great service for all your California
home insurance needs.
California State
Insurance Department License # 0D69251
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