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Home Insurance in 60614 : Real Estate Advice

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Grace Morioka, Real Estate Pro in San Jose, CA
Tue May 5, 2009
Grace Morioka answered:
Hello JMR and thanks for your post!

If you live in a condominium association, legally, you are only the owner of the "box of air" bounded by the walls of your home, so you will need only contents insurance for your unit, sometimes referred to as an "HO-6" policy. The homeowners association, which owns the building, will purchase and have fire and liability insurance for the building, pipes, roof, and foundation.

Here's what you should purchase:

1. Contents insurance for the items in your home (estimate the value of your contents, and take pictures of valuable items, such as pianos, jewelry, televisions, etc.). You should also include an "upgrade" coverage for those items that have been replaced or upgraded by you or the previous homeowners. Typical policies cover "as built" replacements.
2. Theft and fire policy for your interior contents
3. Liability insurance for slip and fall hazards in the home
4. Loss Assessment Coverage to cover the cost of the deductible for a major loss or a special assessment due to an uncovered catastrophy.

Speak with your insurance professional regarding the appropriate coverage for you. Since you do not purchase insurance for the building, the cost should be considerably less than for a single family home of the same size as your condominium.

Good luck!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
Co-Author: Homeowners Association: A Guide to Leadership
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