Condo Insurance in Huntington Beach, CA
Home to almost always perfect weather, 40+ miles of scenic coastline, and a tight-knit community of surfers, it’s no surprise that Huntington Beach is one of the most highly sought-after places to own a condo in Southern California.
Whether you already own a condominium in Huntington Beach or you’re looking to buy, chances are it’s one of your biggest investments. And when it comes to your biggest investment, you simply can’t afford to skimp on insurance.
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Condo Insurance 101: Understanding the Basics
A condominium is an excellent alternative to renting an apartment or owning a home. But since it’s a unique type of residence, it requires something entirely different than renters or homeowners insurance.
Condo insurance, also called HO-6 insurance, shares similarities with a home insurance policy. However, one of the biggest differences between home insurance and HO-6 insurance is how much needs to be protected.
When you own a home, you own everything –– the foundation, the roof, the garage, and any other structures on the property. This is where dwelling coverage comes into play.
With condo insurance, you’ll typically only need enough coverage to repair or rebuild the interior of your home; your HOA’s master policy traditionally insures everything else.
Similar to homeowner insurance, HO-6 insurance helps protect you and your family, the interior space of your unit, and your things in the event of a sudden and accidental loss.
Standard coverage for an individual condo policy breaks down into seven categories:
- Building property protection helps to rebuild internal structures, including cabinetry, countertops, flooring, window coverings, and more.
- Personal property coverage protects your possessions (e.g. clothing, TV, furniture, bedding) on an actual cash value or replacement cost basis if they’re stolen or damaged.
- Liability coverage safeguards you and your family in the event you’re found legally responsible for injuries or damages to another party.
- Additional living expenses helps reimburse for increased costs incurred as a result of your home being inhabitable (e.g., lodging, meals).
- Guest medical expense coverage helps pay for injuries sustained to other persons who were hurt while on your premises.
- Fair rental income reimburses for lost rent if the home becomes inhabitable.
- Loss assessments coverage covers your share of costs for building damage or special assessments like roof repairs.
There is also the option to add additional coverages, some of which include scheduled personal property, loss assessment, identity theft, and extended protection.
What Does My Condo Insurance Policy Cover?
While the following is not an exhaustive list, these are the typical covered losses you can expect from HO-6 insurance policies:
- Fire
- Lightning
- Smoke
- Explosion
- Falling objects
- Freezing of plumbing
- Theft & vandalism
- Wind & hail
What It Does Not Cover: Standard HO-6 insurance coverage in Huntington Beach, CA typically does not cover floods, earthquakes, mechanical breakdowns (e.g., broken dishwasher), and water damage due to long-term causes such as slow leaks or sewage backup.
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5 Common Questions We Get About HO-6 Insurance
- MY CONDO ASSOCIATION ALREADY HAS A MASTER POLICY. WHY DO I NEED MY OWN?
Most master policies only cover the structure and common areas; they do not cover the inside features of your individual unit. As the owner, it is your sole responsibility to make sure your fixtures, alterations, and/or personal belongings are properly insured. - WHAT IS THE DIFFERENCE BETWEEN DWELLING COVERAGE FOR HOMEOWNER INSURANCE VS. HO-6 INSURANCE?
In a homeowners policy, it helps pay to repair/rebuild the physical structure of a house and attached structures if they are damaged by a covered peril. With a condominium, repairs to anything outside your unit would generally be the HOA’s responsibility. - MY CONDO ASSOCIATION HAS BEEN SUED DUE TO AN INJURY ON COMMON AREAS. HOW DOES THIS IMPACT ME?
In the event your master policy has insufficient limits to pay for the person’s injury, loss assessment coverage can help offset your individual responsibility. - I’M RENTING A CONDO IN ORANGE COUNTY. DO I NEED HO-6 INSURANCE?
No. If you are renting any type of residence, you would be covered under renters insurance. - HOW MUCH DO CONDO INSURANCE POLICIES TYPICALLY COST?
It varies depending on individual needs. But typically in CA, coverage can be secured for as little as $1.50 per day.
