Condo Insurance in Klamath Falls, Oregon
Understanding the Difference between your HOAs Master Condo Insurance Policy and Your Own
If you own a condo your association or HOA dues likely covers the structure of your building and common areas. However, the condo insurance through an HOA differs from the type of condo insurance that you need to protect the internal portion of your condo including your personal items as well as liability coverages.
What is included with my HOA Condo Insurance Coverage?
Your HOA condo insurance policy likely offers a policy that includes: a policy that insures only the building and common areas; a policy that covers the building and any items in your unit (other than personal property); a policy that insures the building, your unit, and any fixtures or improvements you make to your unit. The important thing to note is that none of these types offer you any sort of personal property coverage (coverages for your furniture, clothing, electronics) or any form of liability coverage to protect you from a claim that would fall under home insurance liability.
What other Coverages do I need?
Your condo insurance policy will help protect you from common losses due to fire, theft, vandalism and liability. The three main coverage options for your condo insurance policy that differ from your HOAs master policy include personal property, building protection and personal liability coverage.
It’s crucial to protect the valuables in your condo. You, not the homeowners association, are solely responsible for your condo’s contents. It is necessity to have a condo insurance policy.
Your condo association will have a master policy that will cover the property, common areas and physical structure of your building. However, the contents of your condominium, such as your carpet, your clothes and your furniture are not covered.
That’s why you need condo insurance.
Condo insurance will typically include coverage such as:
- Personal property
- Replacement value of your primary dwelling and specified permanent attachments, up to a specific value
- Bodily injury if someone is hurt on your property (just like a homeowners policy)
- Liability for property damage
- Damage protection from dangers such as fire, frozen plumbing, vandalism, glass breakage, etc.
A traditional condo insurance policy will cover damages to most of your personal belongings as well as walls, floors and ceiling coverings. Most condominium associations will say that the owner is responsible for everything within the unit, including permanently attached fixtures and improvements such as kitchen cabinets and appliances.
When you’re ready to shop for Condo Insurance, also known as an HO6 policy, call Pacific Ridge Insurance at (541) 273-8311.
Frequently Asked Questions about Condo Insurance
What does condo insurance cover?
Condo insurance covers what is inside of your condo, not the building itself. Your HOA master policy will protect the building while a condo policy is intended to protect everything inside of your walls such as your kitchen cabinets, appliances, clothes, etc.
What does condo insurance not cover?
A condo policy does not cover the building’s exterior or common areas.
Do I need condo insurance?
You need to have condo insurance if you live in a condominium. The building itself is protected by the master HOA policy on your condo, but everything inside your unit is not covered unless you have your own condo insurance.