Oregon Condo Insurance
Purchasing a condo can be an exciting experience. Whether your condo is your first experience as a homeowner, or is a result of looking to reduce your expenses, condos are an increasingly popular option for modern home ownership. But nothing can end your excitement more quickly than an unforeseen loss, which can cause immense physical and financial stress. If you own a condo in Lafeyette, Woodburn or anywhere in between, call Barlow Insurance today for comprehensive condo insurance.
What is condo insurance?
Condo insurance is a type of homeowner’s policy that is specifically tailored for the needs of condominium owners. More than perhaps any other form of property insurance, the amount of coverage you require on a condo policy depends almost wholly on what is covered by the condominium’s master policy (i.e. the primary coverage on the complex). Your Barlow Insurance agent can help walk you through the process if you are unsure where to begin.
Why do I need condo insurance?
If you have a mortgage on your condo, your lender will require underlying insurance. Even if you don’t have a mortgage, adequately covering you condo will save you time, and most importantly money, in the event of a loss.
What is special about condo insurance?
In order to ensure your condo policy provides adequate insurance for your needs, it’s important that your first understand what the condo association’s master policy covers. There are typically three options:
- There is no master policy. This means coverage A on your policy needs to protect not only the interior of your unit, but the exterior as well, much like a homeowner’s policy. In fact, some insurance providers will allow condos to be insured under a homeowner’s policy, especially with townhomes.
- There is a master policy, but it only covers common areas, such as playgrounds, pools, and parks. As with the above example, you will still likely need to have adequate dwelling coverage, since the association is not providing it.
- There is a master policy, and it covers your dwelling. Great! In this instance, you may be able to minimize the amount of dwelling coverage on your policy. However, you will still need to have a complete understanding of the association’s master policy, in order to know what you’re responsible for. For example: Are you responsible for everything from the sheetrock in, or from the studs in (which would include plumbing and electrical)?
There are six major portions to any condo policy, which are described below. When you receive your Barlow Insurance condo insurance quote, you will typically see prices associated with each of these coverages:
- Dwelling Coverage – This section covers the portion of your condo for which you are responsible (also known as the “dwelling”) in the event of a loss. If you are responsible for only the interior, this section will primarily cover “additions and alterations,” which essentially just means any changes you’ve made such as retiling a floor, customizing kitchen cabinets, etc. If you are also responsible for the exterior, as explained above, or if there are any additional structures such as fencing or garages, it will be covered here as well.
- Personal Property – The best way to understand what this section covers is by imagining that you can pick up your house, and turn it upside down. Anything that would fall out will be covered under personal property.
- Loss of Use – This section covers additional expenses you incur as a result of being unable to reside in your condo, above and beyond your normal expenses. Typical examples would be hotel stays, the additional cost of food, etc.
- Loss Assessment – This section is unique to condo policies, and covers you in the event of being assessed a portion of a loss paid by the condominium master policy. For example: Let’s say someone was injured at the complex’s pool, which resulted in the master policy paying out damages of $200,000. The association’s policy only covered $100,000 of the loss, leaving $100,000 unpaid. The association would then “assess” this excess amount equally amongst all unit owners. If there are a total of 100 units in the complex, this means each would be assessed a total of $1,000.
- Liability – Liability coverage extends not only to your residence premises, but in most cases, to anywhere you are. This section covers damage to others, which includes damage to the property of others (i.e. your tree falls on a neighbor’s home), as well as physical injury (i.e. a friend slips and falls on your front steps).
- Medical Payments – This section covers immediate medical expenses arising out of a liability claim, such as paramedic services, ambulance rides, etc. Medical payments are generally applied regardless of fault.
What does condo insurance NOT cover?
Each carrier has their own benefits and special coverages, so having a qualified, knowledgeable agent on your side can help you easily navigate what can be a confusing maze. The agents at Barlow Insurance will be happy to review your policy for any gaps in coverage, such as special limits for jewelry or firearms.
What discounts can I get on my condo insurance?
Despite the differences in coverage, most carriers offer discounts for not having submitted any claims within a specified amount of time (usually three or five years), for protective devices such as deadbolt locks and monitored alarms, as well as for a high credit score. The agents at Barlow Insurance can also counsel you on how to save additional money, such as raising deductibles or bundling multiple policies together.
What should I avoid when purchasing condo insurance?
The most common problems associated with condo insurance are having inadequate coverage limits, and not understanding what is specifically covered under a policy, as well as what isn’t. Your Barlow Insurance agent will sit down with you to gain a clear understanding of exactly what kinds of coverage you need, what limits should be present on your policy, and will then thoroughly review your policy with you to ensure your complete understanding.
How can Barlow Insurance help me with my condo insurance?
Barlow Insurance specializes in taking the hassle and confusion out of purchasing condo insurance. We have relationships with the nation’s largest and most trusted insurance companies, which means we’re sure to find the best coverage for your specific needs.
How can I get a condo insurance quote?
Call Barlow Insurance at (503) 472-6036 or request a quote online to obtain your free quote today. Whether you’re in Grande Ronde or McMinnville, we’ll make sure the process is simple, straightforward, and hassle-free.