Do I need Landlord insurance in CA?

Question

Hello,

I live in San Diego, CA. I have one rental property 2bed/2bath condo this is in an 8 unit building. I am wonder what kind of landlord insurance I should have or am required to have? Thank you for any help!

-Paul

Steve Meyers · Answer

@Paul Keljik you will most likely need an HO6 policy but review your by-laws to see what you are responsible for as Kevin indicated above.  I have a very good insurance guy who is local to san diego who can help if you would like to give him a call his name is Ed he's with BCIS - 619-200-0005

Kenneth Donaghy · Answer

Hi @Paul Keljik, I would check with your lender and insurance carrier. The goal is to make sure you are covered in case something happens, and not give the insurance company opportunity to say an incident is not covered. It becomes a game in a sense, that i have dealt with recently.

John Mocker · Answer

Paul,

The entities that might require you to have coverage that I can think of are your Mortgagee or the Association.  I cant comment on what those might require.  I can suggest some coverage you may want regardless of what is or is not required.

Generally, a condo Assocation is governed by the Bylaws and Declarations of the Assocation.  With in those documents are descriptions of the unit which should indicate where the associations ownership ends and yours begins (ie. sheetrocking, fixtures, cabinets,  etc.,,).  Based on that you will know what would be your responsibility to insure (if you chose to).  Further the Bylaws and declarations will describe what are common elements and limited common elements.  Who is responsible for the limited common elements (service multiple, but not all units) and who has to insure them.

Other things you may chose to insured:

- Contents

- Loss of rents/Additional living expenses

- Liability coverage

- Loss Assessment

- Personal Injury

As well as other coverages.

Kevin Hoag · Answer

Yes, you will need an insurance policy for your unit. Most likely you will just need a condo landlord policy. You will want to review your HOA by-laws to see what you are responsible for. Since it is an 8 unit building I would think the HOA has an insurance policy for the exterior of the building and you will be responsible for the interior of your unit. This is what we would call studs in coverage. Your HOA may also have a minimum require liability amount most likely 300k. I would also make sure that your policy has loss of rents coverage.