As a condo owner, it’s important to recognize that you have many of the same financial protection needs as homeowners do. Although your homeowner’s association will likely have an insurance policy that covers the exterior of the building and the common areas, it won’t include your belongings inside the unit. This is why it’s vital to have your own condo insurance coverage and understand what you need for your policy.
How to Determine What Condo Insurance You Need
Review Your HOA’s Plan
Before you buy your condo insurance, it’s essential to know exactly what your HOA’s policy covers. It will either be an “all-in” or “bare walls-in” policy. The first will cover things inside your unit, such as the flooring, appliances, plumbing, and wiring, but not your personal possessions. The latter is limited to the exterior structure of the building.
Consider the Value of Your Personal Property
Once you have a clear understanding of what your HOA will cover, you can identify what you will need to protect on your own. To figure this out, you must take a thorough inventory of all your items and estimate their value as accurately as possible. You should also include coverage for any upgrades you’ve made to the interior of your condo.
Keep Liability in Mind
Similar to homeowners, you can also be held liable if a third party is injured in your unit or you cause damages to someone else’s property. If you are found to be financially responsible, you could have to pay for medical expenses or the repairs or replacement for damaged property. Your condo insurance will take care of these costs, as well as any legal fees incurred.
Purchasing the appropriate condo insurance is key to making sure you are adequately protected from any situation that can cause you financial burden. At Robert Taylor Insurance in Lorain, OH, agents specialize in providing high-quality condo, renters, and home insurance products and understand how to tailor each type of policy to meet the client’s specific needs. Contact the team at (440) 277-5191, or visit them online to learn more about the various personal and commercial insurance products they have available.