Owning a condo comes with pros and cons. It’s nice to have a condo unit in a gated community or shared amenities such as pools, a gym, and visitor parking – since you don’t have to worry about the upkeep as your yearly Housing Association (HOA) fees usually take care of it. Although, some homebuyers forget that a condo means HOA rules are strictly enforced. So, what does this mean for renters and home insurance?
If you’re the sole proprietor of the condominium, then you should look into buying condo insurance. Owning a condo means that only the structure’s interior counts as private property. The structure of the building, the parking lot, and community amenities are not individually owned. The HOA fees help cover the costs of using the shared community spaces.
So, when it comes to condo insurance, you want to look for a type of coverage that will cover your personal belongings inside your unit. Depending on the housing association, they will likely require you to purchase property insurance that offers similar protection as renter’s insurance but with add-ons.
Renter’s Insurance or Home Insurance for a Condo
As stated above, there is a difference between renters insurance, homeowners insurance, and condo insurance. When purchasing renter’s insurance, it means that you are a renter who is paying rent or has a lease inside an apartment complex, a condo, or a home that is owned by someone else. Renter’s insurance protects the renters from liability for someone getting hurt in their home, and it also covers destroyed or stolen belongings by financial reimbursement.
Moreover, homeowners’ insurance provides financial protection if your home is accidentally damaged and may also include liability in case a person gets injured on or inside your property. Hence, a condo almost falls in the middle of a renter’s insurance policy and a home insurance policy in Ohio.
Affordable Condo Insurance in Ohio
Buying a condo insurance premium means having similar protection to a renter’s insurance policy but with homeowner add-ons. Not sure what type of add-ons you need for your new condo purchase in Ohio? It really comes down to your personal needs and what your HOA requires. If you have questions about condo insurance rates in Lancaster, Ohio, get in touch with our experienced agents today!
It’s essential to keep in mind that condo insurance for personal property has a limit. Once you meet with a Bill Palmer Insurance agent in Lancaster, Ohio, we can help you determine your needs in terms of bundling insurance policies to save money and more. We also serve other areas of Ohio, including Logan and Canal Winchester.