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How much does it cost to own a condo in Sacramento?

Updated: 8/17/2019
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Q: How much does it cost to own a condo in Sacramento?
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IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?

Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo owners) of the common spaces. There will be (at least) two insurance policies in effect: (1) the condo association policy, which covers (at least) the common areas, and (2) your own personal policy, which covers the contents of your condo apartment, and depending upon your coverage, may also cover the internal structural elements (walls, floors, ceilings, fixtures, countertops, etc.) of your specific condo unit. Since there is no damage to your condo unit, your personal condo insurance will probably not apply, even if you have flood insurance. So, the answer to your question depends upon what type of policy your condo association holds. You should therefore ask your condo association.


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To determine how much condo insurance you need, you are best advised to insure the contents of your unit, because the association's master policy insures the real estate assets that all owners own in common. You can work with a broker and a copy of the master policy to determine the insurance coverage you want and need.


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