Condo Insurance Portland, OR
Condo insurance is designed for people who live in condominium units and only need insurance to cover personal property and certain parts of the condo’s structure. If you live in a condo in Portland, OR, and need coverage, the knowledgeable agents at Schmidt Insurance Group are ready to help.
When you own a condo, you share ownership of the entire complex with all of the other condo owners and have a collective responsibility to insure common areas, such as the building lobby, hallways, stairwells, the pool area, tennis courts, etc. Your homeowners association (HOA) will carry a master policy to insure the building and pay for accidents that occur in these common areas. A portion of your monthly association dues usually pays for this insurance.
You will be responsible for separately insuring everything within the four walls of the individual unit you own that is not covered by the HOA master policy.
How Condo and Homeowner’s Insurance Compare
Dwelling Coverage
- Condo: On a condo insurance policy, you usually 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 HOA’s master policy.
- Home: On a homeowner’s insurance policy, dwelling coverage should be high enough to cover the cost of rebuilding the entire home and other structures on the property, including the garage, fences, sheds, etc. Homes are typically more expensive to rebuild than condos and will require a good deal more insurance coverage.
Liability Coverage
- Condo: If someone is injured in your condo, if you accidentally injure someone when you’re away from home, or if you damage someone else’s property, you can be found liable. Situations like this are where personal liability coverage steps in to protect you financially. If a visitor slips in the pool area or falls down a common stairwell, however, the association’s insurance policy should cover the claims.
- Home: Homeowners can also be found liable for injuries that occur when they are at home or away, and for any property damage they cause. They are also liable for injuries that occur anywhere on their property, which means that homeowners usually need more liability coverage than condo owners. Liability limits are typically available in 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
- Condo: With a condo, insuring personal possessions like your furniture, clothing, jewelry, and electronics is your main responsibility because the HOA’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.
- Home: 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 you need.
Condo owners in Portland, OR have different insurance needs than single-family home owners. No matter what type of structure you call home, you’ll want to have a knowledgeable agent at your disposal. Get the help you need from the experts at Schmidt Insurance Group in Lake Oswego. Call us today at (503) 206-0881 for more information, or stop in for a visit.
