Do you live in one of the hundreds of thousands of condominiums in Los Angeles? Every month you probably pay a variety of fees to the HOA for the gardener, trash, maintenance, and insurance among other things. Being that the HOA is nice enough to cover you with insurance you don’t need to worry right? Think again. The insurance policy typically carried by your homeowners association covers the exterior of the building, common areas among other things but not the inside of your unit. In the event of a fire, burglary, broken pipe, or other …catastrophe it is your responsibility to cover your possessions and the interior of your unit including your kitchen, bathroom, carpet, paint, etc.
Think about what it would cost to replace your wardrobe alone in the event of a fire or the cost to stay in a hotel for two weeks if your condo had serious water damage. A condo policy is an inexpensive way to protect yourself and gain piece of mind in the process. Typically you can get a policy for between $300 to $500 a year and potentially save on your auto insurance in the process by using the same insurance company. Talk to your independent agent about what coverage is right for you and stay protected.