Condo Insurance in Oregon
The right coverage is right around the corner
If you want to protect your condo, there are several ways available. Oregon condo insurance will have coverage for various losses, making it challenging to know what's necessary. There is a condo policy that you can obtain for sufficient protection if you know where to look.
Fortunately, an independent insurance agent can help. They have access to dozens of top-rated carriers so that you're fully covered. Connect with a local expert for free to get custom quotes started.
What Is Condo Insurance?
Your Oregon condo insurance, often referred to as an HO6, is not the same as a regular homeowners policy. It has coverage for the interior walls and inward. Here is what it covers:
- Condo insurance: It covers losses that involve fire, theft, vandalism, property damage, and liability claims. Unlike your traditional homeowners policy (an HO3 or HO5), condo insurance won't cover the outside structure itself. Instead, any claim filed against the outside structure would be reported on the homeowners' association (HOA) master insurance policy.
What Does Condo Insurance Cover?
Each condo policy will look a bit different as far as limits of protection go. The HOA will provide insurance for the exterior of the condo through their master policy. The typical coverages are as follows:
- Liability coverage: This coverage pays for injuries or property damage of a third party that they may experience while in your condo. It can also help pay your costs if you face a lawsuit as a result of those claims.
- Contents coverage: This is also known as property damage coverage, and it can help pay to repair or replace your belongings if fire, severe weather, theft, vandalism, or any other covered event damages or destroys them.
You may be surprised to find that your condo policy doesn't have coverage for a flood. To have proper protection, you'll need to obtain a separate flood insurance policy.
How Much Does Condo Insurance Cost?
Your Oregon condo policy premium will vary. Coverage depends on several risk factors that are individualized to each owner. These factors include the following:
- Claims history
- Square footage
- Personal property
- Content value
- Insurance score
Though your rates may look different than your neighbors, a good rule of thumb is anywhere from $500 to $800 for a condo policy.
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What Are the Best Condo Insurance Companies?
|Best Condo Insurance Companies in Oregon||Star Rating|
|Stillwater Insurance Group|
When it comes to the best insurance companies for your Oregon condo, you'll have options. Nationwide Insurance, Stillwater Insurance Group, and Safeco Insurance are rated among the top carriers in the state. This is due to their superior claims service and excellent coverage offerings for condo owners like you.
In order to know which carrier will meet your needs, you'll want to confer with a local adviser. They'll be able to quote through numerous markets, giving you the best opportunity to find the right coverage.
Why Shop Condo Insurance with an Independent Insurance Agent?
As a condo owner, you'll have several options when it comes time to purchase an insurance policy. There are multiple carriers and numerous advisers, making it challenging to know what's best. Fortunately, you don't have to go at it alone.
An Oregon independent insurance agent can help you find a market and premium that fits. They'll do the shopping for free, making it easy and affordable to find adequate coverage for a fair price. Connect with a local adviser in minutes to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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