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You may think that since your condo's master association has an insurance policy that you don’t need your own insurance. However, just like with homeowner’s insurance, condo insurance not only provide a lot of benefits, it’s also usually required by a lender if you are paying off a mortgage in Cincinnati, OH or around the state. Condo insurance will protect you from personal liability if someone gets hurt in your unit, or if you start a fire that causes damage to other units. It will also protect your personal belongings. If you are unable to live in your condo because of covered damage, you can get expenses paid for while your condo is being repaired with your insurance.
In order to determine how much condo insurance you need in Ohio, you need to think about the assets you have in your condo. A home inventory can seem like a lot of work, but it will help you determine how much coverage you need to protect your belongings and if you need any riders for expensive items, such as jewelry.
You need to review your HOA policy to determine any additional coverage you need. Some HOA policies don’t cover anything inside the walls, such as plumbing, and many won’t include any upgrades that you have made beyond original fixtures, cabinetry, and lighting. If your HOA does cover these items, you may opt for lower coverage on your own policy. If your condo association doesn’t cover anything, opt for some additional coverage. An agent at Greater Cincinnati Insurance Services can help you with coverage options to suit your needs.
Condo insurance in Ohio is similar to homeowner’s insurance, in that it will cover similar events. Just like homeowner’s insurance doesn’t cover earthquakes, floods, or damage from sewer backups, neither will condo insurance. Condo insurance will include fire and smoke, wind and hail, theft, vandalism, explosions, lightning, and burst pipes.
Contact Greater Cincinnati Insurance Services, serving Cincinnati, OH, to get a quote on condo insurance.