Condo Insurance in Ohio
Congratulations! It’s time to celebrate the first condo of your very own. When you finish toasting, though, it’s time to get down to business. The first thing you’ll need is condo insurance from Bonvenuto Financial Group LLC in Uniontown, OH. We’ll explain why you need it, what it covers, and what the condo homeowners’ association covers.
Why You Need Condo Insurance
Condo insurance covers only the inside of the structure. This includes personal belongings and injuries to visitors. The condo association covers the structure and common areas such as stairs and landings.
Ohio law stipulates that improvements to the unit, such as wood floors or new cabinets, are the responsibility of the condo owner. The association should have its own insurance covering fire and flood. Theft or unintentional damage to the condo (a baseball through the window, for instance) is covered by the condo owner’s insurance.
What Condo Insurance Covers
Insurance for condos is a mixture of coverage not typically found in homeowners insurance. For example, fire, theft, personal property, medical payments to injured visitors, and living expenses due to loss of use, such as fire or flood, are covered by the owner’s insurance.
Damage due to the following is also covered:
- Damage from weather such as lightning, hail, or the weight of snow and ice
- Damage from vehicles such as automobiles or aircraft
- Damage due to civil unrest or theft
- Damage from explosions or volcanic discharge
How Much Insurance Is Enough?
Ohio doesn’t require a specific amount of insurance. However, you want to plan for the worst-case scenario, which would be total devastation. Your policy should replace or repair walls, floors, cabinets, toilets, lighting, doors, and windows. Make a home inventory, including personal belongings, for Bonvenuto Financial Group LLC in Uniontown, OH. We’ll guide you as to how much insurance is enough.
Your very first condo is special and should be protected. Stop in or give us a call for that protection.