San Diego Condos and Town Homes have their own special insurance needs compared to a single family home. Condominium owners do not need as much as a home, but need more then the average Renter. Most Mortgage Lenders will require a special policy called HO-6 which will provide protection to the Condominium owner above and beyond the Home Owners Association master policies.
Mortgage Lenders refer to the HO-6 policy as “walls in policy” and usually require a buyer of a San Diego Condo to purchase a minium of 20% of the appaised value of the Condominium.
Things to consider when purchasing condo insurance:
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What are your insurance responsibilities -HOA and Lender requirements
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Theft
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Water Damage
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Fire
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Expensive items such as your new home theater system
Ask About extra protection that your insurance company might offer
Remember, however, that conditions in HOA by laws and other governing regulations may vary widely. Be certain that your policy covers any potential gaps in the San Diego Condo association master policy. Be certain you have adequate coverage. Complete an inventory of your possessions and their purchase date and price.
