Condo Insurance Happy Valley, OR
Owning a condo in Happy Valley, OR aHcreates unique insurance needs. You will typically need less insurance than homeowners but more than renters, and the coverage requirements will differ somewhat. The knowledgeable agents at Schmidt Insurance Group are ready to help!
Schmidt Insurance Group opened its doors in 2019 with a goal of simplifying insurance for our customers and providing them with exceptional service. We proudly serve the local Portland area as well as the entire states of Oregon and Washington. Our office is full of born-and-raised Oregonians who are specially trained in high-net-worth households and can help you find the exact amount of coverage you need.
How Condo and Home Insurance Differ
You may own an individual condominium, but it’s less likely that you own the entire condo complex! Instead, you are sharing ownership of the rest of the complex with all of the other condo owners and have a collective responsibility to insure common areas like the building exteriors, hallways, stairwells, pool area, etc. A portion of your monthly association (HOA) dues usually pays for this insurance.
If your HOA has what is called an “all-in” policy, it will usually cover the original items built into your unit, like the cabinetry, lighting, and other fixtures, as well as the plumbing and wiring. If, however, your HOA has what is known as a “bare walls” policy, it will be up to you to insure everything inside your condo other than the walls, floors, and ceilings.
In addition to the basics, HOAs can add personal liability insurance for board members, coverage for damage caused by sewer and drain backups, and coverage for the theft of HOA funds. If someone slips and falls in the condo parking lot, the HOA’s liability insurance will cover the damage. But if they fall in your guest bathroom, you will be responsible for covering the damage.
On your personal condo insurance policy, you ordinarily would need just enough dwelling protection to rebuild the interior of your unit (from the studs in) in the event of disaster, coverage for your personal property, and personal liability coverage in case someone is injured in your condo, you accidentally injure someone when you’re away from home, or you cause damage to someone else’s property.
There are cases, however, where the association’s policy covers some of the interior structures in your unit, so we recommend having Schmidt Insurance Group agents review a copy of your condo’s master policy to make sure you have the right coverage for your possessions and structural items, such as flooring, cabinetry, countertops, and carpeting.
In general, condo insurance policies cover:
- Building property: the unit itself, including walls and fixtures
- Personal property: furniture, electronics and other movable goods
- Personal liability: legal expenses from claims or lawsuits against you
- Loss of use: cost of lodging/transport if your condo is uninhabitable
If you own a condo in the Happy Valley, OR area, our agents know their Schmidt when it comes to insurance and can help you get the right coverage. Come visit us at Schmidt Insurance Group today, or call us at (503) 206-0881 to explore your insurance options.
