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Understanding Ohio Condominium Insurance

Understanding Ohio Condominium Insurance

Have you considered buying a condominium rather than a single-family home? Condos have a lot of perks, including not having to deal with yard work, which is a big plus. Second, condos often have amenities like pools or gyms onsite, which can be a great addition to your lifestyle.

But there’s one thing most new or prospective condo owners struggle with: condo insurance. Like homeowners insurance, condo owners need insurance to protect themselves and their belongings. What kind of coverage do you need? The answer depends, in large part, on your Condo Owner’s Association (COA).

Common Types Of Condo Insurance

Your condominium will have one of three common types of insurance master policies. These policies detail what you are responsible for insuring and differ from common homeowners insurance.

Bare Walls (Or Wall Studs) Condo Coverage

Bare walls or “wall studs in” means the COA takes care of the condo building up to the walls or studs. As the condo owner, you would be responsible for insuring everything from the studs or walls inward, including the fixtures built into your condo like the sinks, cabinets, flooring, and even wallpaper.

Single Entity Condo Coverage

Single entity coverage means the COA policy covers almost all property in the condo, including the above-mentioned fixtures in individual units. But be warned, this coverage rarely covers structural improvements or additions that the unit owners have made of their own volition.

All-In Condo Coverage

An all-in coverage policy means that all property collectively owned by the COA or part of the condo structure is included in their insurance policy. This policy covers features in communal spaces of the complex, such as the entryway or light fixtures and the original fixtures and appliances inside the units. This policy does not cover any additions, remodels, or personal items inside the units.

What Condo Owners Should Know

Once you’ve determined what coverage the COA provides, you may want to get supplemental coverage to protect yourself and your assets to cover what the master policy lacks.

Supplemental coverage to consider:

  • Liability coverage, which would handle medical expenses for someone who is injured in your condo and the legal fees if the individual chooses to sue
  • Personal property coverage to help replace your belongings (including furniture and fixtures) in the event of theft or natural disaster
  • Temporary shelter coverage which pays for you to stay in other accommodations in the event your condo becomes uninhabitable due to natural disasters such as a fire or tornado

Ready to purchase a new policy for your condo or have questions about your condo insurance master policy? Contact SFM Insurance and schedule a free, no-obligation consultation so we can help you find the appropriate condo coverage for your unique situation. For more tips and our latest updates, visit us on Facebook, Twitter or LinkedIn!