Condominium insurance in Salem OH is a policy that is purchased by the owner of a condo unit. It is important to remember that each condo association is different as to their insuring requirements and obtaining a copy of the condominiums declarations and by-laws is critical to insure your condominium properly. It helps cover the portions of the condominium (often the inside) the condo owner is responsible for insuring as well as the condo owner’s possessions as well as providing liability coverage.

What Does Condominium Insurance Cover?

This type of insurance typically includes a few customary coverages to help protect you, your condo unit and your possessions. Here’s a look at how these coverages work.

Personal Liability/Medical Payments Coverage : If someone is injured while visiting your condo and you are found to be at fault, condominium insurance in Salem OH may help you pay for associated legal expenses or the person’s medical bills.

Guest Medical Coverage: If a guest is injured at your home, medical payments coverage may help pay for medical expenses even if you are not at fault.

Building Additions and Alterations Property Protection: This coverage typically helps pay for repairs to the walls of your condo unit and its interior, including items such as built-in bookcases and fixtures if damage is caused by a covered hazard.

Personal Property Coverage: Possessions such as electronics, appliances, furniture and clothing are usually included under personal property coverage with your condominium insurance in Salem OH. If they are stolen or damaged in a covered claim, this coverage may pay to repair or replace them.

Condo owners can choose from different types of personal property coverage, which determine how much your policy will compensate you after a covered loss. They include actual cash value, which typically pays you for the depreciated value of your damaged belongings and replacement cost coverage, which does not take depreciation into account.
Keep in mind that each coverage comes with a limit, which is the maximum amount you can be reimbursed for a covered claim. You will likely need to pay a deductible before your coverage kicks in.

Other Protections With Condominium Insurance in Salem OH

Many insurance providers offer optional coverage you can purchase for incidences not covered by a standard condo insurance policy.

Loss Assessment Coverage: If your condo association issues a special charge, in some cases this coverage may help cover your share. For example, if a fire damages a common area, this coverage may help pay for your part of the bill.

Flood Insurance: Flood damage is typically not covered by standard condominium insurance in Salem OH. In some cases, you may even be required by your mortgage lender to buy flood insurance.

Umbrella Insurance: For added liability protection, you may want to consider investing in a separate personal umbrella policy that goes into effect when you reach the limit of your condo’s liability coverage. It may also help provide coverage if you are sued for libel or slander.

Endorsements: Additional personal property coverage, such as scheduled personal property, is typically available for an additional cost. Scheduled personal property also typically provides coverage for additional risks.

When it comes to condominium insurance in Salem OH, you should make sure you have the coverage that fits your needs. We can tailor a policy that’s right for you. Call our office today at 330-337-9557!