Condo Insurance Tualatin, OR

As you look for the best, most affordable condo insurance coverage in Tualatin, OR, get quotes from a leading insurance company in the region like Schmidt Insurance Group.

Schmidt Insurance Group opened its doors in Lake Oswego in 2019 with a goal of making insurance easier to understand while providing superior customer service. We proudly serve the local Portland area as well as the entire states of Oregon and Washington.

Condo Insurance 101

HOA Master Policies

Condo Insurance Tualatin, ORIf you own a condominium, you share ownership of the entire complex with all other condo owners and share the responsibility of insuring common areas like the land outside the building, the building lobby, hallways, stairwells, tennis courts, pool area, etc.

Your condo or homeowners association (HOA) will have a master policy that at least insures the building and pays for accidents that occur in common areas. Part of your monthly association dues usually pays for this insurance.

Typically, there are two different types of HOA master policies, and it’s important to know which one your association carries.

  • An “all-in” policy. Also known as “all-inclusive” coverage, this type of policy means that the HOA’s policy will usually cover the original items built into your individual unit, like the cabinetry, lighting, and other fixtures, as well as the plumbing and wiring. You are responsible for covering only your personal property.
  • “Bare walls in” policy. If the HOA has this type of policy, the association insures only the bare structure of the individual condo building; the structure, fixtures, and furnishings of areas that are collectively owned; and the collectively owned personal property of the association. It will be up to you to insure everything in your living space other than the walls, floors, and ceilings.

There are also variations of these two types of policies, so we recommend having Schmidt Insurance Group agents review a copy of your HOA’s master policy to ensure that you have the right condo insurance coverage.

Liability Coverage

While protecting your personal belongings is an important part of condo insurance, it’s not the only thing it does. Condo insurance will also cover liability claims. If someone is injured inside your condo, if you accidentally injure someone while 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.

Homeownership of any kind is a major responsibility. There are insurance risks around every corner and in every crawlspace. That’s why, no matter what type of structure you call home, guidance from the knowledgeable insurance agents at Schmidt Insurance Group will help you prepare for all sorts of domestic hazards and protect you financially.

With condo insurance from Schmidt Insurance Group in Tualatin, OR, you’ll have peace of mind knowing that your home is protected if a loss occurs. Give us a call at (503) 206-0881 for more information.