360 Three Meadows Dr
Perrysburg, OH 43551
Many homeowners in the area are downsizing, trading in the houses they've lived in for years for a condo. They think they know all about homeowner’s insurance, and they do. But what they don't have a firm grip on is how condo insurance differs from homeowner’s insurance. Some are our Brown & Brown Insurance clients, so it falls to us to explain the intricacies of condo insurance. Perhaps you're in this boat too, if so, you may find the following helpful.
Condo owners buy condo insurance for the same reason homeowners buy home insurance — to protect themselves financially should the house fall victim to fire, theft, or should a visitor sustain injuries while in it or on the property surrounding it. So yes, in some ways it's the same. However, while you own the entirety of a house, you only own your portion of the condo building or condo property while sharing other areas with your fellow condo owners. For this reason, your condo will be covered by two policies, the master policy which is held by your condo association, and your individual coverage policy.
The Condo Association's Master Policy insures the infrastructure and areas you own in common with your condo neighbors. These include the exterior walls, roof, common stairways, elevators, pool area, rec room/gym, and surrounding grounds.
Your Individual Coverage Policy protects the portion of the condo that belongs to you. In most cases, this refers to anything between the exterior walls, ceiling, and floor of your unit, or in other words, the interior walls, cabinets, carpeting, appliances, countertops, and fixtures. And if the condo comes with a balcony, garage, or patio, it is your responsibility, as well. Most basic individual policies
It's impossible to make a blanket statement about condo policies since they differ in as many ways as do the bylaws governing the condo associations in Ohio. If you're in the market for condo insurance, the best thing to do is to look at your condo association agreement to see exactly what you own and need to insure. Or better yet, gather up your association documents and bring them to any of our agents at Brown & Brown Insurance!