It is not a requirement but I would highly (and always) recommend it to my clients.
Alex Khalilifard | Realtor - General Contractor
BRE License #: 01937591
Listing and Selling Agent
When you buy one, read carefully what exactly you are buying, the basic plan would not cover , such items like AC, washer/dryer/fridge, plumbing, etc. usually are optional( extra fee).
Every home warranty company has a website where you can find a list of the standard and optional home systems and appliances covered.
The master policy only covers so much - usually just the building itself and not anything from the drywall in - like your personal belongings, appliances, furniture, fixtures.
You will most likely want to purchase an insurance policy to cover these things, and if you have a mortgage it will likely be required.
Hope this helps!
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1. If you're getting a new loan the answer is yes. FNMA, FMLC and FHA require full coverage.
2. Your CCR's may require it.
3. Would you drive your car without insurance?
Condominium Homeowners Insurance is more than theft.
If someone gets hurt in your condo (such as slip and fall, dog bite) it will cover medical attention and liability.
If there is a fire or flood from your unit that damages another unit and /or the common structure, it will cover it.
If you have to move out during repairs for damage it covered, it will pay for living expenses.
So the real question is, why wouldn't you get it? And the answer is you should.
While we're based in Los Angeles, I have two agents in San Fransisco who are wonderful, if you need a recommendation to a local agent.
The Powers Team, Realtors Â®
Pinnacle Estate Properties
DRE # 01052375
Yelp Page http://www.yelp.com/biz/the-powers-team-encino
Century 21 Tenace