Condo Association Insurance in California is unique. As condo owners have different needs from a traditional homeowner. Typically, in condominium developments, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area. The condo association is tasked with running and maintaining the common area. Condo Associations do face similar risks to that of homeowners such as theft, vandalism, fire, and weather. Additionally, condo associations face additional risks that come in managing common or shared areas of swimming pools, gyms, green belts, and playgrounds.
ConXis Insurance Services works with many carriers and can tailor coverage for your Condo Association Insurance in California. Our carriers are A-rated and specialize in writing Condo Association Insurance.
Condo Association Insurance is designed to be a master policy designed to cover the common areas of the condominium development. This is designed to cover the building, roof, basement, boilers, equipment, etc. The master policy is generally broken down into three types of policies.
- Bare walls coverage: This insurance policy covers the essential elements of the building such as floors, the roof, walls, and elevators. Bare walls coverage only covers the basics of common areas; it does not cover the units.
- Single entity coverage: Single entity coverage covers all real property in a condominium, including common areas and standard finishes in each unit. Standard finishes typically included in this policy include counter tops, appliances, and light fixtures. Personal property, or standard finishes if the owner has made personal improvements is not covered under a single entity policy.
- All-in coverage: all-in coverage is comprehensive coverage that typically covers all real property in the building and improvements in units. Unit coverage is limited to coverage for standard or upgraded finishes. The owner’s personal property is not covered.
No Condo Association Insurance in California policy will cover owners’ personal property. This is covered and a personal condo policy is taken out by the owner of the unit. This coverage of a personal condo policy protects an owner’s personal property in the event of specific perils like fire and theft.