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FAQs for Condo and Renters

June 07, 2016

Here are answers to common questions about our Condo Unit Owners and Renters policies

1. Would loss assessments on a CEA condo policy pay if my homeowners association (HOA) assesses me for their earthquake master policy deductible?  

CEA loss assessment is an optional coverage that, if added to the condo policy, will pay up to the policy limit. This is subject to the loss assessment deductible, if the condo owner is assessed for the earthquake master policy deductible as long as items 1a-c under “Coverage E – Loss Assessment” under the CEA condo policy have been met.

2. Is the HOA required to have earthquake coverage on the master policy in order for me to get a CEA condo policy?

No. The HOA is not required to carry their own earthquake coverage on the master policy.

3. Do I need a CEA earthquake policy if my HOA carries earthquake coverage on the master policy?

Your customers should always check with their HOA to determine what coverage is provided by the master policy. Generally speaking, if the HOA has earthquake coverage on the master policy, it will not cover earthquake damage to permanently attached interior items, like countertops, cabinets and wall-to-wall carpeting, personal property damaged by an earthquake, or any additional living expenses if the unit is not habitable after an earthquake.

4. I’m covered under my landlord’s homeowner’s insurance if I rent from them, right?

No. It’s important your customers know their landlord’s policy won’t cover them or their personal belongings. Even if they have an individual renters policy, that policy won’t cover earthquakes or the damage they cause.

5. As a renter without earthquake coverage, couldn’t I just move somewhere else after an earthquake, even if some of my stuff got damaged?

After a catastrophic quake, undamaged rental properties will be in high demand and it may be hard for your client to easily find a new place to live right away. CEA’s Renters policies offer Loss of Use coverage, which can help pay additional living expenses if earthquake damage keeps your client out of their rental. Coverage limits go as high as $100,000, and this coverage never has a deductible!

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