Condo owners don’t own the building they live in, which is why many forego home insurance. However, being uninsured carries an undeniable risk, as you can’t always count on your homeowner’s association (HOA) covering damages that occur. In this case, condo insurance is the most effective solution. It’s important to understand exactly what condo insurance covers so that you can enjoy peace of mind at home.

Important Information About Condo Insurance

1. It Covers Belongings

An HOA isn’t responsible for covering stolen possessions, which can leave you hanging if you suffer a break-in. A dedicated home insurance plan for condos offers coverage for any stolen items, including furniture, electronics, and jewelry. You’ll also be compensated by the insurance company if these items are damaged due to flooding or another incident.

2. It Covers Damage to Your Unit

Natural disasters, building incidents, and other serious sources of damage can render your condo unlivable and leave you with hefty repair bills. Condo insurance covers any damage that occurs in the unit. HOA “bare wall” plans won’t cover anything beyond the walls, ceiling, and flooring. In the event that you’re unable to live in your condo due to damage, home insurance will cover any expenses while you’re living in a hotel room or elsewhere.

3. It Covers Injured Guests

Significant guest injuries can leave you footing hefty medical bills or facing a personal injury lawsuit. While it’s rare that this happens, it’s good to be covered just in case. Condo insurance helps cover bill payments and liability suit expenses. This can be invaluable in serious situations, as medical bill-related expenses are a leading cause of bankruptcy.

It’s important to purchase a home insurance plan from a qualified company, and the agents at Somers Agency LLC can assist. Serving Ohio’s Lorain County area, they offer a variety of unique insurance options to meet their customers’ needs. Explore small business insurance, auto insurance, home insurance, and more on their website. You can also call (440) 324-3447 to request a quote.