As you may know, nearly every state has laws that require drivers to carry auto insurance. Because of this, you may wonder whether other types of insurance are required by law as well. For instance, are you legally obligated to buy condo insurance? To clear matters up, Robert Taylor Insurance, an experienced broker of condo coverage, home insurance, and renters insurance in Greater Cleveland, OH, addresses this question below.

Is Condo Insurance Required by Law?

Ohio does not require condominium owners to insure their property under penalty of law. It does mandate that condo associations maintain liability coverage on all common areas, but owners are free to decide whether they want financial protection for their belongings. However, if you finance the purchase of a condominium, your lender will almost certainly require you to keep the property insured to protect their investment. Depending on your condo association, you may be required to maintain some type of home insurance. Failure to comply with association bylaws could lead to fines or liens.

Other Reasons to Carry Condo Insurance

Condo insurance, like home insurance, comprises several types of coverage. It protects your personal property— including furniture, clothing, and electronics—against damage due to fire, storms, or vandalism as well as theft. It also protects your assets if you injure someone or damage their property, and it pays for lawyer fees and court costs for any resulting lawsuits. Some policies pay for medical treatments if someone is injured on your premises, regardless of fault. Many insurers offer additional expenses coverage, which pays for hotels and meals if your home should become uninhabitable after a covered event.

Although condo insurance is not legally mandated, there are many good reasons to buy this protection. For expert guidance in choosing coverage, contact Robert Taylor Insurance in Lorain, OH. For your convenience, they also specialize in auto, life, and home insurance. You can find a map and business hours on their website or call (440) 277-5191 to discuss your options with an experienced agent.