Why Should I Get Condo Insurance in Ohio?

Congratulations! You’re a new condo owner in Ohio! Now that the paperwork is all set and done and you’ve received the keys to your new place, it’s time to think about your insurance options. A typical condo insurance policy covers damages to your unit and your personal belongings. Personal belongings such as appliances, clothing, electronics, and furniture are usually included under personal property coverage. So yes, you should definitely get condo insurance in Ohio.

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 what your needs are in terms of the maximum amount you can be reimbursed for a covered claim.

What is a “Condo” Exactly?

A condominium, also known as a “condo,” for short, is a privately owned unit that’s located within a community of other units. This community may consist of a sizable apartment-style building with hundreds of other condo units. Other condos may be a part of a smaller-scale community with only a handful of detached units within the complex.

Individually, the condo owner owns the structure’s interior, not the building itself. Either way, condo owners jointly own and share common areas and amenities. This may include swimming pools, playgrounds, bbq areas, gyms, and car garages, to name a few. The homeowners’ association maintains the complex’s grounds, structures, and systems.

When it comes to protecting your personal belongings, how does condo insurance differ from renters or home insurance? For starters, renters insurance covers the renters from any liability with someone getting hurt in their home. It also protects destroyed or stolen belongings by financial reimbursement.

However, if you own a condo, you’ll need condominium insurance. Depending on the condo’s housing association, they will likely require you to purchase a type of property insurance that will offer similar protection as renter’s insurance but with other add-ons.

It really comes down to your personal needs and what your association requires. If you have any questions regarding condo insurance rates in Lancaster, Ohio, call us today!

With Bill Palmer Insurance in Ohio, we make it quick and easy for you to pay your bill, report a claim, or make any changes to your policy.

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