What Is The Difference Between Condo Insurance And The Condominium Owners Association Insurance?

Do you Own a Condo in the Portland, OR area?

One has many options in choosing a dwelling such as a house, townhouse, apartment, and condominium. In each of these dwellings, you have personal property interests that you want to protect. A house contains your personal belongings, and you need to ensure that not only your personal property is protected, but you must also protect the structure of your home and all of its surrounding real estate. While condominiums, townhouses, and apartments, in effect, store your personal belongings, which ones are your responsibility to insure or protect?

Types of Coverage

HO-6 form is designed for individual condominium owners and provides for liability coverage such as medical payments coverage and personal property coverage.  Additional livings expenses coverage can be obtained if you suffer damages because of theft and fire or any other loss that is stated in your policy for the improvement of your condo. If you can not live in the condo, your policy should cover living expenses outside of the unit. You can also obtain additional coverage for jewelry, computer equipment, expensive art, or any other type of valuables. Depending on where you live, you may obtain coverage for certain acts of nature such as earthquakes, windstorms, or flooding. A homeowners’ insurance policy is similar to the type of coverage as stated in individual condominium policy.

A condominium owner must be a member of a condominium association which has a policy referred to as the Master Policy. This policy does not protect the condominium owner from any of the perils identified in the owner’s condominium insurance policy which results in the loss of personal property or liability to others.  The condominium association insurance policy covers structural damage to the building, outside walls, any elevators, the roof, heating unit, basement, and all common areas shared by the condominium.

The agents of PorchLight Insurance in Portland, OR will meet your needs in protecting your dwelling. Please call our offices to get a quote or visit PorchLight Insurance to speak with an agent face to face.