Condo Insurance in Medford, OR
While your homeowners association (HOA) may have a master policy for parts of the building and shared spaces, it often doesn’t cover everything. Condo insurance addresses gaps by covering certain incidents and damages that the HOA policy may exclude. Without the right policy, you could be left responsible for costly repairs or losses.
What Does Condo Insurance Cover?
Standard condo insurance policies in Oregon typically include the following:
- Personal property coverage may help cover your belongings, including furniture, electronics and clothing, in the event of theft, fire or other covered incidents.
- Interior unit coverage may provide coverage for the interior of your condo, including walls, floors, cabinets and fixtures that the HOA’s policy may not cover.
- Liability coverage may provide financial assistance if someone is injured in your condo or if you accidentally cause damage to another unit.
- Loss assessment coverage may help pay your share of costs if your HOA assesses all owners for damage to common areas.
- Additional living expenses coverage may compensate for extra costs if you need to live elsewhere while your condo is being repaired after a covered loss.
What Does This Policy Exclude?
Some situations may not be covered by your policy, such as:
- Earthquake damage: Damage from earthquakes is typically not included in standard policies.
- Flood damage: Losses from flooding usually require separate coverage.
- High-value items: Jewelry or collectibles may exceed the personal property coverage limits of a standard policy.
- Wear and tear: Issues resulting from normal aging or maintenance are generally excluded.
- Pest infestations: Damage caused by insects or rodents is often not covered.
Learn More About Condo Insurance
Our team helps you understand your options and secure a policy that fits your budget and needs. Contact World of Insurance LLC today to get a free personalized quote.