What You Should Know About Condo Insurance in Pismo Beach

Condo insurance in Pismo Beach, CA is a way for you to have a sense of ownership about your own space, but not be tied to many of the same responsibilities that a standard homeowner would. However, there are a few things that you should know about how to keep your investment protected. Neff & Associates Insurance Services Inc wants you to know a few things before you take out a policy. 

It’s Easy to Be Underinsured 

With condo insurance, it’s easy to take out too little. This is true for all property owners, but condo owners need to especially careful because they’re closer to their neighbors than a normal homeowner would be. So if your toaster causes a fire one day, it’s more likely to impact someone else. You need to assess your liability in Pismo Beach, CA and make sure that you’re comfortable with the limits imposed by whatever policy you choose. 

You Typically Need It 

Even if you own your condo insurance outright, most HOAs or condo boards require you to have a minimum policy. It’s important to ask how everything is insured and what the protocol is for certain events. For example, if you pay monthly or yearly fees to your HOA, then these costs will likely go to cover the common areas. So if there’s damage to the lobby or someone falls on the walkway leading up to the front door, then your personal policy would likely not be involved. 

If you have questions about condo insurance, Neff & Associates Insurance Services Inc is here to be of service. We can help you understand more about how your property can be better protected, so you don’t end up on the losing end of an unexpected event. 

Do I Need Commercial Insurance in California?

If you are a business owner in California it is imperative that you understand state-mandated requirements for insurance to ensure that you don’t run afoul of the law and risk possible monetary fines and other penalties. To that end, there are two types of commercial insurance that are required by California – workers’ compensation insurance and commercial auto insurance. First, workers’ compensation insurance is needed for businesses with one or more full-time or part-time employees and helps pay for the medical bills and other costs associated with workplace injuries and illnesses. Second, any California business owned vehicles must have commercial auto insurance with at least the state minimums for liability coverage. It is important for business owners to understand that if you require your employees to drive their personal vehicles for work functions, then their personal auto policies are unlikely to cover any accidents. Thus, supplementing your employee’s personal auto insurance policies with hired and non-owned coverage is key.

In addition to the two required insurance policies in California, business owners may want to consider additional coverages such as cyber liability insurance or professional liability insurance with both examples offering additional benefits to businesses that are victims of cyber attacks or malfeasance. Given that no two situations are the same, we recommend that business owners contact the friendly and professional team at Neff & Associates Insurance Services Inc to learn about all your commercial insurance options. We will take the time to learn about your business so that we can make a personalized recommendation. Conveniently located in Pismo Beach, CA give us a call today to schedule your no-obligation consultation.