Condo Insurance In Ohio
When a fire, a flood or a break-in occurs, many condo owners are surprised when they learn how vulnerable they and their personal belongings are. However, with condo insurance, you can protect the condo and your personal belongings. Most people are not aware that condo insurance is quite different from home insurance. Unlike a home, the condo has a building condo association that is responsible for maintaining all common areas and amenities. This association also has an insurance policy that only covers the building and not individual condos. This leaves your investment vulnerable to different risks.
If you are still doubting whether you need condo insurance, here are some ways that condo insurance can protect your financial investment.
Individual condo unit improvements
After the purchase of the condo, the liability of the interior of the condo unit falls on the condo owner. This means that in the unfortunate occurrence that there is a fire in the unit, reimbursement for the loss is based on the unit’s original condition. If you do not have condo insurance, it means that improvements on your condo such as new cabinets and wooden floors are not covered.
Some kind of building damage
Even though the condo association has the responsibility of maintaining the building, there are some items that are not covered in their insurance policy. A good example is when the residents decide to install a pool table in the party room which then gets damaged. The cost of repair does not fall on the condo corporation but rather on the residents of the condo.
If you accidentally break a window or a table in your condo, condo insurance will help in protecting your investment against such accidental damage. Other than the accidental damage your policy will also cover injuries to guests that occurred in your condo.
Condo insurance does not just insure your belongings but also those of your neighbor just in case a fire starts in your condo and spreads to their unit!
At the end of the day, you want peace of mind knowing that your investment is covered. That is why you should consider getting condo insurance from Insura Insurance Agency. Talk to one of our local agents today or stop by our office in Reynoldsburg, Ohio to see how affordable condo insurance can be!