Condominium insurance, also known as HO-6 insurance, is a policy designed to protect condo owners against potential property or liability losses. If you own or are considering buying a condominium in the greater Pismo Beach, CA area, the insurance professionals at Neff & Associates Insurance Services Inc. can help you protect your investment and family.

What Does Condominium Insurance Cover?

While each insurer offers unique coverage options, most include the following in standard policies:

Personal Property

This aspect of the policy reimburses for the repair/replacement of personal belongings should they be damaged/destroyed/stolen due to an event defined by the policy. This typically covers electronics, furniture, appliances, and more.

Interior Structural

Condo insurance will cover the unit’s improvements within the condo’s defined boundaries. An upgraded kitchen or new flooring would be covered should an incident occur. However, the structural elements of the unit – related to the building, will likely be covered by the association’s master insurance policy.

Liability

Condo insurance provides financial protection should the insured be legally responsible for injuring another or damaging someone else’s property within the unit. Liability insurance offers coverage for medical expenses and legal fees for subsequent lawsuits.

Loss of Use

If the unit becomes uninhabitable – as a result of a covered event/loss, this part of the insurance coverage will help reimburse for the cost of living while the insured condo unit is being repaired.

Medical Payments to Others

Should a visitor or work person become injured on the property, this portion of the policy can help cover medical expenses.

For more information on condo insurance in the greater Pismo Beach, CA vicinity, contact the insurance professionals at Neff & Associates Insurance Services Inc. at 805-773-1710 or online.

"But the former owner never told us about flood risk before we bought the house in Pismo Beach, CA!" How many times have you heard that one from friends and family who just bought a house? You might not have heard it if your area isn’t prone to flooding. In that case, as in the 21 states that don’t require flood insurance, you might never hear of it. Neff & Associates Insurance Services Inc. in Pismo Beach, CA is here to tell you what you need to know about flood insurance and flood risk.

Flood Risk Vulnerability

The Public Policy Institute of California published a paper in 2017 of figures based on 2010 data, all there is to go on. Not only does the paper quote that just over 3 million people live in the southern coast section of the state but that over 230 billion in structures are at flood risk. This is in a 500-year flood plain, in which floods have a two percent chance of happening in any given year. 

What Causes Flood Risk?

Several things are responsible. Climate change means winter storms composed of rain versus snow. High tides and a rising sea level in and near Pismo Beach, CA don’t help.

Obsolete flood management methods discharged the floodwaters into the sea. This was fine, except that residents, as well as the environment, needed the rivers. Modern management of floodwaters integrates the water into general water management. California should allocate funds to modernize its methods. More and better flood insurance and pointing residents toward the National Flood Insurance Program are vital.

Now that you know the facts of flood risk, Neff & Associates Insurance Services Inc. of Pismo Beach, CA stands ready and able to protect your property and belongings in the case of flooding. Call or drop in today to learn more about it.