Are owners of a condo required to have homeowners insurance?

Asked by lafter333, San Francisco, CA Thu Feb 28, 2013

Are owners of a condo required to have homeowners insurance?

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Tony Grech’s answer
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Thu May 30, 2013
It depends.

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!
0 votes
Murphy Team, Agent, Portland, ME
Tue Aug 11, 2015
Here is where you would refer to the Declaration of the condominium. Some associations do require that all unit owners have insurance. Also, lenders are requiring some mortgagees to carry homeowners insurance.
0 votes
Maggie Oreck, Agent, Studio City, CA
Tue Aug 11, 2015
Highly recommended but not required. It would be to your own benefit

Maggie Oreck
0 votes
Alex Khalili…, Agent, Woodland Hills, CA
Fri Mar 20, 2015
Hello Lafter,

It is not a requirement but I would highly (and always) recommend it to my clients.

Thank you

Alex Khalilifard | Realtor - General Contractor
BRE License #: 01937591
Listing and Selling Agent
Direct: 818.925.8088
0 votes
inna ivchenko, Agent, Calabasas, CA
Thu Jun 26, 2014
It is not required, but highly recommended for any homeowner to have.
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.
0 votes
Thanks for this answer. I agree. I think that it is probably a good idea just in case. You want to be covered in case anything happens. It is better to be safe than sorry.
Flag Thu Oct 30, 2014
Kawain Payne, Agent, Seal Beach, CA
Thu Mar 27, 2014
Your HOA should have a policy in place to cover the "building", BUT you should get a policy to cover your personal items within your unit.

Kawain Payne, Realtor/Notary
0 votes
John Tashtch…, Agent, Beverly Hills, CA
Wed Oct 16, 2013
I would Highly Recommend having one, Not only its very inexpensive but it can save alot of headaches if there was ever an issue with the building and all your personal items would be covered. I'm speaking from personal experience after living in a Townhouse for 11 years.
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Fred Herman, Agent, Staten Island, NY
Sat Jun 22, 2013
you should have it even if it's not required. just get it. it's not expensive.

if something happens and you don't have it, you're going to hate yourself. find another place to save a few bucks.
0 votes
Phil Zaikova…, Agent, Bel Air, MD
Fri Jun 21, 2013
No, you are not required to have a personal homeowners insurance as the HOA/Building will carry one for the exterior and common areas. With that said, I advise that you carry one if something happens inside your home such as a pipe leak or fire.
0 votes
Rafael Ordaz, Agent, Encino, CA
Thu May 30, 2013
The Hoa policy will cover the reconstruction of the building itself. It will not cover flooring, countertops, paint etc... The homeowners policy will cover these items. Depending on the insurance company, A homeowners policy will also cover loss of use, personal property (ie. clothes, electronics, furniture).
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SERGEY FEDNOV…, Agent, Beverly Hills, CA
Fri Mar 1, 2013
MOst of the HOA will have basic insurance policy in place, some association have earthquake coverage also. When you financing your purchase ether condo or house - lenders are always require proof of homeowners insurrance.

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0 votes
Nadia Rajabi, Agent, Woodland Hills, CA
Thu Feb 28, 2013
If you are financing it , yes. If you are buying cash then it is your choice unless your CCR/HOA requires it.

Nadia Rajabi
Real Estate Broker
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0 votes
Russ Ravary, Agent, Commerce Township, MI
Thu Feb 28, 2013
The condo association usually has the building itself covered. It is up to you to have the inside contents covered. I do not believe your kitchen or the interior of the home would be covered if you had a fire. So how would you pay for that. Insurance is a necessary evil.
0 votes
Cindy Davis, Agent, San Diego, CA
Thu Feb 28, 2013
Good question. The HOA is required to have insurance on the building itself. The homeowner is smart to have 'renter's insurance on his/her personal belongings' but it is not required.
0 votes
Vida Monify, Agent, Tarzana, CA
Thu Feb 28, 2013
Yes. The owner has to have an insurance policy covering the interior of the building and all personal belongings.The lender requires it prior to close of escrow. The exterior is covered by HOA Insurance Policy. However I advise my clients to get a complete policy, the difference is minimal ,and it gives you a better coverage.
0 votes
Marsia Powers, , Encino, Los Angeles, CA
Thu Feb 28, 2013
It depends.
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.

Marsia Powers
The Powers Team, Realtors ®
Pinnacle Estate Properties
DRE # 01052375
O: 818.708.0484
Yelp Page
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Thu Feb 28, 2013
It is not a requirement, but if you choose not to insure your condominium, your choice can potencially affect the other co-owners in the building. If your unit is damaged or destroyed, the Homeowner's association master policy will cover the building exterior and roof, but will not cover any of your furniture, personal effects and any damaged inside your unit that can translate into a bigger damage to another units. That is the reason why is a good idea to get homeowners insurance.

Maria Cipollone

Century 21 Tenace
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Thu Feb 28, 2013
Usually condo owners purchase special policies that cover the unit from the walls in. Normally the association covers the insurance on the buildings which the owners pay for in their association fees. The insurance the associations carry won't cover your personal possessions, theft etc...
0 votes
Yanoska Diaz, Agent, Miami, FL
Thu Feb 28, 2013
The building exterior is typically covered under the Condominium Master Policy. This policy will not cover damages to the interior of your unit, therefore you should always purchase the additional insurance.
0 votes
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