My husband and I purchased a condominium. The Association insures the building. Do we need other insurance?

The homeowners association only insures the part of the building and unit as is outlined in the CC&Rs (Conditions, Covenants & Restrictions). In most cases, this is on a “bare walls” basis, meaning the association is only responsible for the bare walls of the unit. As the unit owners, you and your husband are responsible for the interior, including interior walls, paint, floor covering, kitchen cabinets and appliances and bath fixtures.

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My husband and I have a piece of rental property. My agent is recommending an excess umbrella policy. What is that?

The excess umbrella policy provides additional liability protection in addition to your home and auto insurance, as well as boats and rental properties. The policy is written in increments of $1,000,000 and the premium is based on the number of exposures (homes, rentals, autos, boats, etc). The additional liability protection can provide you with a peace of mind in the event of a major liability loss.

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