The Importance of Condo Insurance for First-Time Homebuyers

First-time homebuyers in Cincinnati, OH usually love the idea of buying a condo because they don’t need as much maintenance. As great as condos are, it leaves new homeowners unsure about insurance. Without insurance, the result can devastate homeowners, so it ensures you have the right policy in place is critical.

What Is Condo Insurance?

Like home insurance, condo insurance is made for homeowners. Condo insurance differs from homeowners insurance, so you don’t want to get them mixed up. Condos have a master policy, which is purchased by the condo association and pays for the exterior of the building. Condo insurance only covers your property inside the unit and the interior of the unit itself. It can also offer liability protection.

Why Is Condo Insurance So Important?

Unfortunately, new homeowners forget that condos still need to be insured to be protected. The right policy will protect you from property damage and offer liability coverage should something happen on your property. A good policy, like one from Advantage Insurance Network, will also include payments for temporary living expenses, referred to as loss of use coverage if the condo becomes unhabitable due to these circumstances.

Choosing the Right Condo Insurance Policy

You want to ensure you have the right amount of coverage for your personal property, so here are a few tips to help you make the best choice.

  1. Look at the master policy to know what’s covered and what’s not. That will help you figure out how much coverage you need.
  2. Consider your personal property value so you have the right amount of coverage for your belongings.
  3. Liability coverage can’t be overlooked. If someone is injured in your condo, you want to ensure your policy protects you from a lawsuit.
  4. Compare the deductibles and premiums of different policies to get the best value.
  5. Most insurance companies offer discounts, so ask them about what might be available to you.

The Bottom Line

If you don’t have condo insurance, you could be affected by unexpected financial obstacles. If there is a fire in the building, you need insurance to cover your obligations to the condo association. These can include covering the cost of rebuilding the interior of your unit, not to mention you’ll need to replace your belongings. Having insurance protects you from having to deal with that on your own.

If you’re in Cincinnati, OH, contact us at Advantage Insurance Network for more information or to ask any questions you may have. We’re happy to help!