Ohio Condo Insurance
Find the right condo insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Ohio is the 7th most populous state in the US, which means many people are putting down roots here. While the traditional ideal of settling down involves purchasing a home, those entering the market today have many more options. A single-family home can be troublesome, requiring extensive lawn care and maintenance, but a condo allows you to build equity without putting in the sweat equity. However, your condo still needs insurance protection.
You can purchase Ohio condo insurance from an independent agent in our network. Member agents can compare Ohio condo insurance quotes from several companies, to find a rate that fits your budget and still provides intensive coverage. To get the policy you need, contact an independent agent today.
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Recent Columbus Board of Realtors Condo Statistics
- There were 407 lender mediated condos for sale.
- There were 223 lender mediated condos for sale.
- There were 1,854 traditional condos for sale.
- There were 1,230 traditional condos for sale.
- Traditionally managed condos sold the highest in recent years at $129,600 on average.
The Benefits of Purchasing a Condominium
- The homeowners association (HOA) is responsible for property maintenance.
- Many condominium complexes have amenities like a pool and a gym.
- Living in a condo complex encourages a community environment.
- It can be less expensive to purchase a condo in a desirable area of town versus buying a house.
- Condominiums might even come with security guards and added security measures.
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Protecting Your Condo With Ohio Condo Insurance
Although Ohio condo insurance is very similar to a homeowner policy, there are some differences that you should be aware of before signing on the dotted line. Condo insurance is known as homeowner form 6 insurance, but this isn’t the only coverage on your condo. The HOA also has what’s known as a master policy, but don’t rely on this for sole coverage of your condo. This is meant to provide coverage for the entire building.
While your condo is included in this coverage, it’s typically only the bare necessities. If the policy states that floors and walls are covered by the HOA policy, it doesn’t necessarily mean that the new wood floors and grasscloth wallpaper you just installed is also covered. These misconceptions can lead to huge coverage gaps for condo owners, so make sure that you understand exactly what is and isn’t covered when deciding on coverage amounts.
Closing the Gap with Ohio Condo Insurance
Once you have looked over your condominium association's master policy with a local agent, you can begin to build your condo insurance policy, based on your coverage needs. Most condo association policies cover the grounds, exterior walls, and sometimes plumbing. You are usually responsible for flooring, inner walls, ceilings, and fixtures, as well as your personal liability for what takes place within your walls. Some of the coverage you may need:
Liability coverage: This protects you from the expense of a lawsuit if someone suffers bodily injury or property damage in your home, and you are found to be at fault.
Property coverage: This reimburses you for damaged flooring, walls, ceilings and fixtures, in case of disasters like broken plumbing, fire, and severe storms. You can also purchase flood insurance through the National Flood Insurance Program, to insure your property against natural flooding.
Contents coverage: This covers your personal belongings against damage and loss from covered natural disasters, burglary, and vandalism. The list of belongings can include furniture, appliances, electronics, and clothing. If you have expensive artwork or collectibles, you may need to purchase extra riders to include them in your coverage.
Vacant condo coverage: If you use your condo only occasionally, perhaps as a vacation home, you can purchase inexpensive vacant condo insurance, to protect you from the expense of burglary and storm damage while you are away.
Condo renters coverage: If you do not own your condo, and currently rent it from a landlord, you would only need a renters insurance policy. Renters insurance provides liability coverage for your family, and contents coverage for your belongings.
Finding the Right Condo Insurance
Purchasing a condo is a big decision, and purchasing Ohio condo insurance is just as important. If you want competitive Ohio condo insurance quotes from an independent agent, contact a member of the Trusted Choice network today.