Residential Insurance Home-Renters

State of California Department of Insurance 13 Like renters insurance, condominium unit-owners insurance provides coverage for personal property, loss of use, personal liability and medical payments to others. However, it also includes coverage for damages to the interior of the unit and improvements for which the unit owner is responsible to maintain in accordance with the governing rules of the condominium association. Coverage for loss of use is generally limited to 40 percent of the personal property limit. Loss assessment may be an important coverage for you to consider, because it covers you for certain assessments that the condominium association makes as a result of a loss. However, you should check if it covers earthquake and how much coverage it will provide you in the event of an earthquake loss. The condominium association generally purchases insurance for the building structure and common areas, such as corridors and walls. You should carefully review the type of insurance your association has and how it would affect you in the event of a loss. Condominium Insurance