There are many reasons why you might have decided a condo was right for you. It could be the amenities, the camaraderie, or the great location. One thing tenants like about condos is that they’re low maintenance—no yard work, no repainting. The HOA can be both a blessing and a curse, but for the most part, it will be responsible for protecting the value of your property. However, there are some things the HOA cannot cover. For that, you need condo insurance.
Condo Insurance vs HOA
The HOA policy generally covers common areas and structures such as the pool, garage, or gym. If you want something that covers you personally, you need condo insurance. That means your personal property, personal liability, medical payments, and more. If, for some unforeseen reason, you are unable to live in your condo, condo insurance can pay living expenses until your condo is livable again.
Other Things Covered by Condo Insurance
Of course, you will have to check your individual policy for the specifics, but generally, condo insurance covers fire, theft, and vandalism. Storm damage and damage from water, lightning, and falling objects may also be covered by your policy. You may need extra insurance for earthquakes and floods. Sewer backup is not standard but can be added as an endorsement.
Bonvenuto Financial Group LLC is Now Serving Uniontown, OH
If you have a condo that you’d like to get insured and you’re in the Uniontown, OH area, please contact Bonvenuto Financial Group LLC. Our committed, compassionate, and competent agents will do all they can to help you find the policy that best suits your individual needs.
