Buying a home can be a great long-term purchase decision. When you are shopping for a new home, it could make sense to purchase a condo as these properties typically come with fewer maintenance obligations and more security. If you do buy a condo in California, you need to make sure that you get condo insurance. There are several reasons why you will want to get condo insurance on your condo.
One reason why you will want to get condo insurance is that it can be a requirement of your condo association and lender. A condo association is going to want you to have condo insurance because it ensures that you have the liability protection necessary to pay for any damages that you or your unit causes. It will also ensure you can rebuild your property if it is damaged. Your mortgage lender will require that you have condo insurance as it will protect their collateral.
Even if you are not required by anyone to carry condo insurance, it is still a good idea to have at all times. The main reason why you will want to have condo insurance is that it will give you ample property and liability coverage. In the event your property is damaged or destroyed, the condo insurance will provide you with the coverage you need to repair or replace your condo. The liability coverage will ensure you are able to pay for an accident in the event someone is injured while on your premises.
Getting condo insurance in California is a necessity for any condo owner. When you are shopping for it, you should call Allegiant Insurance Services as soon as you can. The team at Allegiant Insurance Services will be able to review your association and other documents to figure out what type and level of condo insurance that you need. This will ensure that you and your property are adequately covered.