Condo Insurance Lake Oswego

To state the obvious, a condo is not the same thing as a house, and condo owners in Lake Oswego have different insurance needs than single-family home owners. No matter what type of structure you call home, it pays to have some knowledge at your disposal. Get the knowledge you need from the experts at Schmidt Insurance Group.

The Differences Between Condo and Homeowner’s Insurance

Condo Insurance Lake OswegoAlthough you may own an individual condo, you most likely don’t own the entire condominium complex! Instead, you share 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, the pool area, etc. A portion of your monthly association dues usually pays for this insurance.

You are responsible for separately insuring everything within the four walls of the individual unit you own. But, without the right policy, there could be major gaps in your coverage. Schmidt Insurance Group will make sure you have the right coverage for your possessions and structural items, such as flooring, cabinetry, countertops, and carpeting.

Dwelling Coverage

  • On a condo: On a condo insurance policy, you typically need just enough dwelling protection to rebuild the interior of your unit (from the studs in). But there are cases where the association provides coverage for 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.
  • On a home: On a homeowner’s insurance policy, dwelling coverage should be high enough to cover the cost of rebuilding the home and other structures on the property, like the garage, fences, sheds, and so on. Home are often more expensive to rebuild than condos and will require a good deal more insurance coverage.

Liability Coverage

  • On a condo: You can be found liable if someone is injured in your condo, if you accidentally injure someone when you’re away from home, or you cause damage to someone else’s property. Personal liability coverage will protect you financially in these situations. If a visitor slips in the pool area or falls in a common walkway, however, the association’s insurance policy should cover the claims.
  • On a home: Homeowners can also be found liable for injuries that occur in their homes or when they’re away from home, as well as for any property damage they cause. They can also be liable for injuries that occur anywhere on their property, which means that homeowners often need more liability coverage than condo owners. Liability limits come in set amounts such as $100,000, $300,000 and $1,000,000. Ask us to prepare quotes for all three levels; the difference in yearly premiums is often minimal!

Personal Property Coverage

  • On a condo: When you own a condo, insuring personal possessions like your furniture, clothing, jewelry, and electronics is your main responsibility because the condo association’s master policy does not typically cover your stuff. The value of your personal property will be a major factor in deciding how much condo insurance you need.
  • On a home: Like condo owners, home owners will also want enough insurance to cover the value of all of their personal property. Whether you live in a condo or a home, an inventory of your stuff will help you determine how much personal property coverage will be adequate.

With condo insurance from Schmidt Insurance Group in Lake Oswego, you’ll have peace of mind knowing that your home is protected if a loss occurs. Stop in for coffee today, or give us a call at (503) 206-0881 for more information.