You just moved in a condominium in California, and the bank will require you to buy home insurance for the protection of their investments in your home. Young urban professionals often resort to buying a condominium for various reasons. For one, a condominium may be located near their working office, two their family home is quite far from where they work at and traveling would be much expensive than renting a condo.
a condominium may be located near their working office, two their family home is quite far from where they work at and traveling would be much expensive than renting a condo. You just moved in a condominium in California, and the bank will require you to buy home insurance for the protection of their investments in your home. Now the first thing you should do is go online and look for free home insurance quotes, California has so many insurers that has their own website, so finding a good insurance quote is not a problem. Is insuring your home enough you asked? Well no, because you may need to purchase more packages to cover your personal items. You may be charged of other liability fees regarding shared areas of the building like the lobby, or the public pool which some condominium offers.
You will need two separate policies to protect your investment; first one is your own policy. This is your primary insurance that will provide coverages for your personal possessions, structural enhancements to your apartment and additional living expense.
Second thing you will need is a master policy provided by the condo/ co-op board. This will policy will cover for the liability and physical damage that may occur in the commons areas your share with other tenants in your condo, areas like basement, roof, elevator, boiler and walkways.
If you are living in a condo, there are certain factors you need to consider regarding your apartment. One of which is theft. Since condos are free for everyone to come and go as they please, it is easier for thieves to go in pretend that they are tenants and break in to your apartment. I have a couple of friends who are living in apartments who were victimized by thieves who broke in to their apartments and took their valuables. Here are few tips they learned after they were victimized.
When you just moved in to a new apartment, get to know your fellow tenants. Befriend them and develop a good relationship with them, your fellow tenants can be your eye on your apartment when you are away. Give them your mobile phone number specially when most of the time you are away because of work, they can contact you if they see suspicious characters lurking outside your apartment.
After getting a policy, document or make an inventory of your valuables and belongings. Take pictures or video your belongings, it will serve as proof and will help your claiming process in the time you need it.
Jewelry, family heirlooms, antiques and art these types of items are not cover by a basic renter’s policy. So purchase an additional “floater” or “rider” to your policy to cover these special items.
Surf the net for free home insurance quotes, California has many insurers that offer affordable insurance for Condos. Condos are easily target by thieves because of easy access. Insuring your home is a good way to protect your valuables.
