Ohio Condo Insurance

Owning a condominium in Ohio comes with its unique set of responsibilities and challenges. One of the most important aspects of condo ownership is ensuring that you have the right insurance coverage. This guide will walk you through everything you need to know about Ohio condo insurance, from understanding what it covers to how to choose the right policy for your needs.

Condo insurance, also known as HO-6 insurance, is a type of homeowners insurance specifically designed for condominium owners. It provides coverage for the interior of your condo unit and your personal belongings. It also offers liability protection in case someone is injured in your unit or if you accidentally cause damage to another person's property.

It's important to note that condo insurance is different from the master policy that your condo association carries. The master policy typically covers the building's exterior and common areas, but not the individual units. That's where your condo insurance comes in.

What Does Condo Insurance Cover?

Condo insurance in Ohio typically covers the following:

• Personal property: This includes your furniture, electronics, clothing, and other personal items. If these are damaged or stolen, your condo insurance can help replace them.
• Interior of your unit: This includes fixtures, improvements, and alterations you've made to your unit. If these are damaged due to a covered peril, your insurance can help cover the cost of repairs or replacement.
• Liability: If someone is injured in your condo, or if you accidentally cause damage to someone else's property, your condo insurance can help cover the legal and medical costs.
• Loss of use: If your condo becomes uninhabitable due to a covered peril, your insurance can help cover additional living expenses while your unit is being repaired.

Choosing the right condo insurance policy in Ohio involves several factors. Here are some things to consider:

Understand Your Condo Association's Master Policy

Before purchasing condo insurance, it's crucial to understand what your condo association's master policy covers. This will help you determine what additional coverage you need for your unit and personal belongings.

There are two types of master policies: "bare walls-in" and "all-in". A "bare walls-in" policy covers only the building's structure, including the walls, roof, and floors. An "all-in" policy, on the other hand, also covers fixtures and installations within the unit. Knowing which type of master policy your condo association has will guide you in choosing your condo insurance.

Assess Your Personal Property

Take an inventory of your personal belongings and estimate their value. This will help you determine how much personal property coverage you need. Remember to consider high-value items like jewelry, art, and electronics, as these may require additional coverage.

Consider Your Liability Risks

Consider your potential liability risks. For example, if you frequently have guests over, there's a higher risk that someone could get injured in your unit. In this case, you might want to consider higher liability coverage.