All to often we get the question about insurance in condominiums. There is a myth that the insurance provided by the homeowners association (HOA) is 100% of the liability that can be incurred by the condominim homeowner. The reality is the HOA policy typically covers the exterior of the unit and thats it. Ask yourselves these questions:

1. What happens if my dryer causes a fire inside my condominium?
2. What happens if that dryer leads to the destruction of 4 other condo units?
3. What happens if water overflows in my unit and into the unit below?
4. What happens if my unit is burglarized and vandalized?

Well my opinion is you could be liable. Now keep in mind that your lender is making a loan on your unit which means they share some long term liability because they could have to take the unit back if a foreclosure occurs. You are seeing lenders now require you to carry essentially a renters policy for the inside of the unit. This is now a requirement on FHA loans as well.

One of our recommendations for getting more information about condominium insurance is:
Allstate
Mary Vargas
916-686-4663
maryvargas@allstate.com

We always recommend you call around and obtain several quotes and statement of coverages to find the best policy or company for you

I was just reading through a pamphlet Mary left here in the office and it says the following items are included in their coverage:

Fire          Lightning          Smoke          Explosion          Wind & Hail

Falling Objects          Freezing of plumbing          Vandalism/riot