What is different about a Condo-Townhome insurance vs. a Homeowner policy?
A Condo/Townhouse policy suggests that the owner is NOT responsible to insure the exterior walls. There would be a homeowner association (HOA) who has secured insurance on the structure. There is also a contract or bi-laws which defines the responsibility of all parties involved (unit owner and HOA). The bi-laws are relied on to determine the amount of insurance needed and the bi-laws will be referred to if there were a claim.
The unit owner is required to insure a portion of the unit based on the bi-laws. You will often find this information under “description of unit-owner” and under “insurance”. Often times, the unit owner is required to insure from the drywall in and includes the kitchen cabinets, fixtures, flooring, plumbing and electrical. This is referred to as “building” or may be referred to as “Additions and Alterations” provided in a Condo policy often referred to as an HO-6 policy.
Any property that can be moved out of the home is considered “Personal Property”. This limit should reflect what it would cost to replace the items today. The insurance company will not depreciate your personal items as long as they are replaced after a claim and as long as the policy contained the wording “replacement cost” coverage.
Protect Yourself and Your Guests
The insurance policy also protects you and your family against certain bodily injury and property damage claims for which you are liable. Legal defense is also provided in the event you are sued after a covered loss, subject to the limits you have selected.
In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available. Let us help you find the right amount of coverage to suit your insurance needs.
Water backup from Sewers or Drains
This is an optional coverage and one we feel is very important in Ohio. If the sewer system were unable to handle the volume of water, it could back into your home and unless this coverage is added to the policy, no coverage would apply.
If your home is equipped with a septic tank or a sump pump, this coverage is very important.
How to get started on your Condo/Townhouse quote:
Either way we’ll make the process simple!