Insuring Your Dream

You’ve just purchased the building of your dreams. With a little work and diligence, you’ve got a respectable income for the rest of your life. And now the agent wants to talk insurance. Fear not. Its not as complicated as it sounds.

You’re going to be needing liability insurance, and Albert Amirian, insurance agent and owner of Castle Insurance in Pasadena, is an expert at it.

“Liability insurance is important, in case of anything happening on a person’s property or building, so that owners have protection against any bodily injury lawsuits, for example,” he told Pasadena Now.

Adds Amirian, “Those things are included but the amount of coverage can be increased or decreased. If there is a fire, we can provide coverage for damage to the building. In a package policy, bodily injury and fire coverage are both included. Liability means in many cases, simply bringing the situation back to where it was before any incident, whether a fire or an accident.”

A building owner whose building is damaged in a fire can also be compensated for the loss of income he might suffer since tenants would no longer be paying rent while the building is being repaired or rebuilt, says Amirian.

The amount of coverage is also dependent on a number of factors, Amirian explained.

“It’s the location, it’s the square footage of the building, your bills and what kind of businesses are in the building,” say Amirian. “Whether it’s a small retail store, or a gas station, everything depends on what type of businesses are there.”

Amirian also provides Board Association Liability insurance for condominium or apartment building owners.

“There are two types of insurance for condominiums,” says Amirian. “One covers the building, and the association pays for that. The other one is the personal or individual. Having personal insurance as an apartment is the smart thing to do. Mortages have to have it, but individuals should as well.”

Amirian also recommends that all property owners get some type of earthquake insurance as well. As he says, “It’s not necessarily a requirement, but you’re going to be need it at some point if you live here.”

Castle Insurance is at 1864 E Washington Blvd #205, Pasadena. (626) 798-5533. www.castleinsurance.biz.