Here Are 5 Facts About Condo Insurance

If you have just bought a condo or rented one, most of your cost will be for maintenance and protection of the areas that the building has. However, this does not cover the cost of your belongings; you need to insure them to avoid loss.

At Ken Boldt Insurance Agency II Inc., we provide condo insurance that helps protect you from losing a considerable amount of money whenever there is damage to the unit. If you are in Green, OH, condo insurance is a must, especially when you have valuable belongings and there is a risk of causing damage to the unit.

Condo Insurance: What You Need To Know

When getting condo insurance, it’s essential to understand what it incorporates and how to go about it. When you are unsure how to go about condo insurance, you can contact us at Ken Boldt Insurance Agency II Inc to get all the answers and information you need. 

• It’s important to note that the condominium association ensures the outer structure of the condo building. This is guided by the condo master policy agreement that states the part owned and insured by the association and what part makes up the individual unit you are responsible for insuring. As an owner, you are responsible for everything inside the drywall.
• You need to understand the specific agreement in the master policy to know the owner’s insurable interest in the condo unit. When looking for condo insurance, you should look for one that covers real property and building addition and alteration, loan assessment, and personal property.
• Most condo owners are moving towards policies that provide less coverage for a lower cost. That shifts more risk and responsibility to the unit owners.
• If you are in the Green, OH area, consider reviewing the unit owners’ building property coverage with us to clearly understand the coverage you need in the event of a loss.
• Most owners don’t understand the interaction between the master and individual policies, especially during loss assessment. Condo owners should understand their obligation in the event of a loss.

Reach Us Today

To better understand how condo insurance works, reach out to us at Ken Boldt Insurance Agency II Inc, and we will find the right coverage for your needs.