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Originally Posted On: https://www.stanleyinsurancegroup.com/posts/how-much-does-condo-insurance-cost-in-ohio
Are you an Ohio resident asking, “how much does condo insurance cost?”? Then keep reading because we’re discussing condo insurance policies and more.
Did you know that there are over five million condos in America? Having the right condo insurance to protect your home in the event of an emergency is vital, especially if you have nowhere else to go or need help paying for any covered repairs.
In this brief condo insurance article, we will cover what you need to know about the cost of condo insurance and who you can reach out to for more information about choosing the right policy for your condo insurance needs.
How Much Does Condo Insurance Cost?
It is important to note that the cost of your condo insurance in Ohio will vary based on a few different variables. For example, the home insurance provider you choose, the types of coverage you select, and where you live play huge factors in the cost of your condo insurance. So how much does condo insurance cost? On average, condo owners pay about $430 yearly for their HO-6 insurance policy.
What Is Condo Insurance?
If you live in a condo, you need insurance for your home. HO-6 insurance protects your personal property and the inside of your unit if you have a covered loss. A covered loss is a fire, break-in, and flood. Condo insurance also provides liability coverage that pays for any property or bodily injury damages done to others.
Condo Insurance Coverage
As mentioned earlier, the type of coverage you elect can affect the cost of your condo insurance policy. If you just pay for the basic policy with the bare minimum coverages, you will most likely pay less than someone who adds additional coverage.
Types of additional coverage you can add to condo insurance:
- Replacement cost for personal property
- Water backup coverage
- Vacant or unoccupied condo coverage
You also have the opportunity to schedule certain coverage limits for a specific property. For example, if you have jewelry or art worth a lot of money, you can schedule them to be covered if someone breaks into your house and steals them.
The standard condo policy typically only covers up to $2,500 in personal property coverage if someone steals items out of your home. If you know your items are valuable, you may want to consider purchasing additional coverage.
How Can I Save On Condo Insurance?
If you want to save more on your condo insurance policy, you can bundle other types of insurance policies. For example, reputable home insurance companies offer you the opportunity to purchase auto and life insurance policies along with your condo insurance plan. As you use more lines of insurance through one company, they will provide you with an additional discount.
Affordable Condo Insurance in Ohio
Now that you know how much condo insurance costs, it’s time to get a policy that works best for you. Having enough coverage on your condo in the event of an emergency, such as a fire or a break-in, is extremely important.
If you are looking to purchase affordable condo insurance, please get in touch with us for a free, no-obligation quote. We are here to answer any questions or concerns about getting the right coverage for your condo.