Owners of single-family residences obtain traditional homeowners insurance, but condominium owners need to get a special type of policy called condo insurance. In an interview with Insure.com, Partner P.J. Miller discusses differences between what your condo insurance policy includes and what your condo association covers.

Unlike a homeowners insurance policy, an individual condo policy doesn’t typically provide dwelling coverage, which is what protects a home’s physical structure.

“Condo coverage is usually made up of the interior structure and the interior finishings — which include built-in appliances, flooring such as tile or carpet, and heating and cooling equipment,” P.J. commented.

Personal liability coverage

Personal liability coverage helps you if someone gets injured while visiting your condo and you’re at fault. Imagine that a neighbor comes over, trips over a cord lying across your unit’s floor, and breaks her leg. “Personal injury liability coverage protects you in these instances,” P.J. said.

Loss of use coverage

Also known as additional living expense coverage, loss of use coverage pays for temporary shelter, such as lodging costs at a hotel, due to damage to your condo unit by a covered peril that makes your unit temporarily uninhabitable.

“This coverage is designed to put you back in the same or similar housing you had before the claim until the damage is repaired or the amount of loss of use coverage is exhausted,” P.J. explained.

Can condo owners get umbrella insurance?

“Condo owners can increase their liability insurance protection by purchasing personal umbrella liability coverage,” commented P.J. 

Often sold in increments of $1 million, this extra amount of coverage can protect your home and finances in the event of a lawsuit or serious claim. You may want this if you have assets behind the $500,000 liability coverage limit that’s common in condo insurance. 

Learn more about additional protection condo insurance provides and which type is right for you.

Questions about purchasing a condo insurance policy in Springfield or Urbana, Ohio? Contact Wallace & Turner at 937-324-8492 or info@wtins.com