Once you are ready to buy a condo, don’t forget about condo insurance in Cincinnati, OH. There are certain myths that you should believe when it comes to condo insurance. Follow along and learn more about the myths around condo insurance.
Myth 1: You don’t need to buy your own coverage since your association has it.
The condo association’s insurance policy isn’t designed to protect you. It will only cover damage to the common areas and the building, so you will need a separate policy to protect yourself.
Myth 2: Condo insurance only protects your belongings.
While protecting your belongings is an integral part of condo insurance, it’s not the only thing it does. Condo insurance will also cover liability claims and additional living expenses. Condo insurance may also include any improvements you make to the interior of the unit. It may also provide extra protection that you will need if the condo association doesn’t have adequate coverage to repair any damage in your unit.
Myth 3: Condo insurance will cover water damage.
Not every type of water damage is going to be covered under a policy. Coverage caused by overland water and sewer backups isn’t usually included in a condo insurance policy, but it may be available as an added coverage option. An agent at Greater Cincinnati Insurance Services can help you with water damage coverage.
Myth 4: Condo insurance will protect everything in the unit.
Not all your belongings will be covered if the total value is over the limit. Jewelry, watches, gems, or furs may add up to a higher amount than the ceiling, and you will need to add some extra coverage for these items.
Myth 5: Your condo will be rebuilt exactly as it was.
If you have made changes to your condo, such as renovating the kitchen or adding in some hardwood flooring, you will need to tell your insurance agent to make sure you have the right coverage for these added items.
Contact Greater Cincinnati Insurance Services in Cincinnati, OH, serving Ohio, Kentucky, and Tennessee, to acquire a quote on condo insurance.