Condo insurance is a personal type of coverage that protects the interior of your unit and your personal belongings. It also offers liability protection if Willoughby, OH condo owners are sued. Many condo insurance policies can help cover damage to the interior of the building caused by natural disasters. But do you really need it?
Not Legally Required
In most jurisdictions, condo insurance isn’t legally required, much like homeowners insurance, which isn’t always mandated. Many condos have a condo association or HOA that obtains a master policy to cover shared areas like roofs or structural damage. However, you may still need a condo insurance policy to protect your individual unit, and companies like The Merhar Agency LLC can help.
Lender Requirements
If you’ve taken out a mortgage to purchase your condo, your lender will likely require you to obtain and maintain condo insurance throughout the life of the loan. This requirement is in place to protect the lender’s investment in your property.
Condo Association Requirements
Your condo association or HOA may also have specific insurance requirements. Many associations require owners to obtain and maintain condo insurance. Failure to provide proof of insurance or comply with these rules could result in fines or penalties.
Personal Protection
Even though condo insurance isn’t always legally required, it’s still a smart choice. Burglaries, natural disasters, and other unexpected events can damage your belongings or leave the interior of your condo in disarray. Condo insurance provides the protection you need to enjoy peace of mind.
If you’d like to learn more about condo insurance to make an informed decision, our professional agents at The Merhar Agency LLC are here to help. Contact us today. We proudly serve the Willoughby, OH area and can help you find the right coverage for your needs.
