“What does my condominium insurance policy cover?”
Congratulations, you’ve purchased a condominium!! Home ownership with little or no yard work. You can remodel your kitchen, paint the walls and enjoy your new space. During the purchasing process your agent probably told you that the homeowner’s association insures the building, the walls and the physical structure of your unit. What that insurance does not cover is the personal contents of your unit or any remodeled or upgraded areas within the unit.
Condominium Insurance 101 in Oregon:
- Why do you need it: While your walls and building are covered in the event of destruction, your belongings and any upgrades are not. You are responsible for the physical contents, additions and upgrades in your unit. Condominium insurance also provides liability coverage should a negligent act by you (fire, water damage, glass breakage, etc.) affect units other than your own. Say you left the bathtub running and it overflowed causing damage to the unit below. Your condominium insurance would cover the damage to the unit below you as well as repair the damage to your unit, after a deductible. Pro tip: never leave your bathtub running unattended.
- What may be covered: Like a renter’s insurance policy, your belongings are covered up to a certain dollar amount. Like a homeowner’s insurance policy you can add scheduled property like art, jewelry and other collectibles. A condominium insurance policy also includes a negligence and liability portion in the event that you damage a unit other than your own, the common areas or if someone is injured in your unit. A condominium insurance policy may also include reimbursements for living expenses if your condominium is unlivable and needs to be repaired.
Having the proper amount of condominium insurance coverage may help protect you from having to pay out of pocket for liability claims or damage to your unit. There are several options when it comes to the condominium insurance you feel is appropriate for your needs and budget. Have questions? Talk to your local, independent insurance agents at Milt Marcy Insurance. Milt Marcy Insurance in Portland, Oregon can guide you through a condominium insurance policy and add additional coverages like flood insurance or earthquake insurance. Their years of insurance experience can save you a bundle, and they live right in your area, so know first-hand what your insurance needs might be. You can also visit their insurance website 24/7 to learn more about the insurance products they offer.