Home insurance in Los Angeles is a worthwhile investment if you own a condo in this part of California. Yes, water damage is one of the issues your condo policy can cover. Covered events include rain, ice build-up on the roof, and burst pipes. To cover damage caused by flooding, or sewer/drain backups, you need to get an insurance endorsement. Read on to learn more about protecting yourself with condo insurance.
Owning a condo comes with several personal responsibilities. You should ensure that you have the right insurance policy for your unit to get water damage coverage. The Homeowners Association (HOA) isn't liable for many types of personal losses inside your unit.
Condo insurance covers the following types of water damage:
You'll be compensated for repair/replacement costs if the cause of damage is accidental and sudden. Your condo insurance won't pay for gradual issues that could have been prevented with regular system maintenance.
Sometimes, damage inside your unit may have an external source beyond your control, such as the building's roof. These shared areas are usually the responsibility of the HOA. When water damage originates in such common spaces, the HOA's master policy pays for the repair.
However, condo insurance can cover damage inside your house when the cause is a shared area of the building. For example, if water leaks through the roof and damages your furniture, carpet, or other personal belongings, the policy can compensate you for the loss.
To be on the safe side, get a copy of your HOA's master insurance policy and have a look at its coverage specifics. Also, review your association's declarations, terms, and conditions. Finally, if you spot any coverage gaps, approach your insurance agent about closing those before disaster strikes.
Standard condo insurance policies exclude water damage from certain sources, such as flooding. To cover this peril, you should get flooding insurance as a separate policy.
Other times, water may leak from an adjacent unit into yours, causing damage. This is common in community-type residential establishments. Provided that the cause is typically covered, you're protected, be it a plumbing or heating system leak in the unit upstairs.
In such a scenario, you may file a claim with your insurer to recover any costs for repairing or replacing covered personal belongings. They may reimburse you and then seek compensation for the same from the neighbor's insurance company.
However, insurance compensation may get a little complicated if the leak results from your neighbor's negligence. You couldn't prevent the damage yourself, so it's your right to file a claim. In the end, the neighbor's insurer may be liable for the entire repair bill.
Again, it's always best to scrutinize coverage provisions under your condo association's master policy. Don't assume you're fully protected before reading the fine print. If you find the coverage terms too technical, consider engaging your insurer. They can help you review and understand all the important documents, picking out key coverage gaps in the process. Only then can you determine the right coverage options and endorsements to include in your condo insurance policy.
These are the types of water damage that standard condo policies usually cover. Do you need help reviewing the provisions of your home insurance in Los Angeles? If so, contact our experts at Fuller Insurance Agency today. We're happy to have a look and help you meet your unique homeowners insurance coverage needs.