Get DirectionsCondo owners in Avon Lake, OH need to understand how condo insurance works. Meiners Insurance is here to provide you with the information you need to make the right decisions about condo insurance.
The following are four things that you might not realize about condo insurance:
The master policy of your condo association won’t cover you for damage and liability issues within your unit.
The master policy of a condo association typically won’t cover liability damage expenses within individual units. It primarily focuses on common areas and the structural elements of the building. Unit owners are responsible for obtaining their own insurance to cover personal liability and property damage within their individual condos.
Condo insurance can include coverage for loss of use.
Condo insurance can include loss of use coverage, which helps policyholders when their condo becomes uninhabitable due to a covered event like a fire or natural disaster. A condo insurance policy can assist with additional living expenses like temporary housing, meals, and transportation during the period of displacement. This helps ensure that policyholders can maintain their standard of living despite unforeseen disruptions.
Condo insurance covers personal belongings in your condo unit.
Condo insurance covers personal belongings within the policyholder’s unit, protecting items like furniture, electronics, clothing, and more from perils such as theft, fire, or damage. This coverage ensures that personal property is financially protected against unexpected events within the condo.
Condo insurance is typically required by lenders.
Condo insurance is typically required by mortgage lenders to protect their financial interest in the property. It ensures that in case of damage or loss to the condo, the lender’s investment is protected, and the borrower can meet their financial obligations.
Consult With Us
Make sure you have adequate condo insurance coverage with our assistance at Meiners Insurance in Avon Lake, OH. Call us now to get a condo insurance policy quote!
