For those who are tired of renting but not keen on buying an entire home, a condo can serve as a happy middle ground. Condos are generally cheaper, they require less maintenance, and they’re often closer to metro areas. While you might not get to enjoy a private lawn or design your home’s exterior, you can give extra attention to the interior. 

Unlike homeowners, condo owners are generally only responsible for what’s inside of their home. The building, as well as the surrounding grounds, are typically in the hands of a homeowner’s association. The HOA will have insurance to cover external coverage.  

For the things inside of your condo, you’ll need your own insurance policy: condo insurance. 

Condo insurance can look a little different from person to person depending on what their HOA is responsible for. It’s important to understand what your association does (and doesn’t cover). You should never assume that damages will be covered. Typically, Homeowners Associations have two types of coverage: bare walls and all-in. 

A bare walls policy doesn’t cover anything within your home’s drywall. It only provides coverage for external structures, common areas, etc. An all-in policy, on the other hand, covers external areas as well as certain interior items such as fixtures, countertops, floors, and built-in appliances. Exceptions can apply, and of course, this still won’t cover your personal belongings. 

Regardless of the coverage your HOA provides, you will ultimately need some form of condo insurance. 

What Does Condo Insurance Cover? 

The coverage provided by a condo insurance policy is typically somewhere between a homeowner’s policy and renters insurance. While the specifics can vary from policy to policy, they typically cover damage caused by fire, storms, or certain types of water damage (generally not flooding). If these damages result in you having to stay elsewhere while repairs are made, your policy will likely cover temporary housing expenses. It will also cover the cost of personal property that is damaged by covered circumstances or stolen. 

Finally, a condo insurance policy will provide coverage for injuries that guests sustain while inside of your home. 

Making Sure You Get the Condo Coverage You Need 

While condo insurance is generally much cheaper than a traditional homeowner’s policy, it’s very important that your needs are properly covered. HOA policies can vary between different condo complexes. The best way to ensure your insurance needs are covered is to utilize an experienced insurance agent. 

At Link-Hellmuth, we work with all major insurance agencies, shopping your policy around to secure the best price. We’ve worked with clients living under various types of HOAs across the Miami Valley area. We know what to look for and which questions to ask so that you can know your needs are properly covered. 

If you want to get the best policy for the best price, contact Link-Hellmuth for all of your condo and home insurance needs in Springfield, Ohio and the surrounding communities.