Condominium Insurance Information
Condo Insurance- including Bellefontaine, Marysville, Columbus and Central Ohio
Condo living is becoming very popular. Many choose a condo because they want to downsize into a smaller home. Others want a maintenance-free lifestyle. No matter what the reason, when you buy a condo, there are some key points you need to note, as insurance requirements are slightly different than if you're buying homeowners insurance.
What is condo insurance?
In its simplest form, condo insurance is a policy that protects the portion of the condo that you own, your personal contents and personal liability. The portion of the condo you don’t own (exterior for example) and many common areas are covered under a condo association master insurance policy.
What is a Condo Association master insurance policy?
Many condo association agreements state the association is responsible for the drywall outward. So the condo association buys a master insurance policy that insures the exterior of the condos as well as common areas (think clubhouse, pool, parking lot, sidewalk). That master policy would pay a claim if something happens to the structure itself (think roof damage and wind ripping off siding as common examples).
What is an HO6 policy?
This is just another name for a condo insurance policy. Since all insurance policies are legal contracts, HO6 refers to the contract used. Renters insurance is an HO4 and a typical homeowners insurance policy is an HO3.
How much dwelling coverage do I need for a condo?
It depends on the condo association agreement. If the agreement states they cover the drywall outward, then drywall inward is on you. What does this mean? Anything attached to the drywall is fair game. Think cabinets, a bathtub/shower, countertops and fixtures. For further explanation of typical condo association agreements and how that affects your condo insurance, read our article Ohio Condo Living Part 1: Condo agreements and how they relate to condo insurance.
Condo insurance coverage explained
Just like a homeowners insurance policy, there are two main sections in a condo insurance policy, property and liability.
- Coverage A- The part of the condo you are responsible for insuring. A small amount of coverage may be provided automatically. BUT you may need more (decent cabinets can easily cost $5000-$10,000). So ASK how much you get automatically (if any), then discuss with your agent what amount would be appropriate in your situation. You never want to make assumptions when it comes to a condo insurance policy.
- Coverage C- Contents. Includes items not considered part of the house- think furniture, clothing and appliances. Here's a handy tip to decide what are contents and what are not: Imagine turning your condo upside down. Whatever falls out are contents items.
- Coverage D- Loss of Use. Provides money should you need to relocate elsewhere temporarily due to damage from a covered claim. Examples of expenses where this money could be used include: hotel room, apartment, Laundromat, dry cleaning and meals.
- Coverage L- Personal Liability. Pays if you're legally liable for causing bodily injury or property damage to someone else. Here's two examples: 1) your pet or animal gets loose and runs in front of a vehicle causing damage to the vehicle and 2) a visitor gets injured while using your swimming pool or hot tub.
- Coverage M- Medical Payments. No-fault coverage to pay for medical bills sustained by a visitor to your home. Example: your friend trips over something in your house, falls and breaks a leg, through no fault of your own. Medical payments will step in and pay the medical bills. We call it "goodwill" insurance.
To see some of the DIFFERENCES between homeowners insurance and condo insurance, read our article Ohio Condo Living Part 2: Differences between a condo policy and a home policy.
Just like homeowners insurance or renters insurance, you can add to the basic condo policy via endorsements. Examples include jewelry, guns, water backup of sewers, drains and sump pumps and earthquake, to name a few.
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Helpful Tip: You might want to consider packaging your home insurance with auto insurance and umbrella insurance for the best coverage and discounts.
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Ohio Condo Living Part 1: Condo agreements and how they relate to condo insurance
Ohio Condo Living Part 2: Differences between a condo policy and a home policy