Condo insurance in Brecksville, OH can differ from a homeowners policy, so it’s important to understand the differences. This will enable you to know what is covered and what is the responsibility of your master association.
Why You Need Condo Insurance
The HOA insurance may protect the outside of the building, but you need condo insurance to protect the inside of the building, which can include the floor, ceiling, and walls. You need it to protect your belongings. The insurance through your HOA won’t protect furniture, clothing, or electronics, and if your possessions are damaged or stolen, you need to file your own claim through your agent at Ganley Family Insurance. You also need insurance to protect you if someone gets injured in your condo. The master policy will cover if someone gets hurts in common areas, but what if someone falls on your staircase? If you aren’t able to live in your condo due to damage, then your personal condo policy will pay for expenses for you to live somewhere else. If damage exceeds the HOA policy, you may have to contribute to making up the difference. If you have loss assessment coverage as part of your personal policy, you can get some coverage to pay for this.
What Does It Cover?
Condo insurance will cover fire and smoke, explosions, theft, vandalism, lightning, wind, and hail, but will typically not cover floods, earthquakes, internal injuries to others, wear and tear, and damage from underground water.
In order to determine how much coverage you need, take a home inventory and also review your master policy. HOA plans can vary on what they cover inside. Some may cover lighting and original cabinetry, but others don’t cover anything. If your HOA policy doesn’t cover anything, then you will need more insurance to be safe.
Contact Ganley Family Insurance serving Brecksville, OH to get a quote on condo insurance.