Insurance policies are complex. For this reason, two people can read the same policy and walk away with two different interpretations. Unfortunately, this confusion can sometimes lead people to believe information that is not true, especially when it comes to condominium insurance. Whether you own or rent a condo in the Columbus, OH area, learn about some of the common myths you should ignore.
You’re Covered Under the Buildings’ Policy
The corporation that owns the building where your condo is located may have a policy that protects the common areas. However, these policies don’t always extend coverage to the private residences. In the event of a loss, your property may not be protected. All owners often need their own policy for personal coverage.
All Condo Insurance Policies Are the Same
Condo insurance policies can be tailored to meet the specific need of the customer. For this reason, the details of these insurance policies vary greatly. Keep this factor in mind before you buy a policy. From the coverage limits to special inclusions, you should tailor your coverage to your needs. Keystone Insurance Agency, LLC can help you customize a plan.
The Condo Is the Landlords’ Responsibility
For rental units in the Columbus, OH area, the landlord will often carry an insurance policy on the unit. However, the property owners’ policy may only extend coverage to the structure of the unit. Your belongings may or may not be covered. You should look over your lease and speak with your landlord to determine how the policy is arranged to determine if you need additional coverage.
Don’t let a condo insurance myth leave you without the coverage you need. Contact Keystone Insurance Agency, LLC so that we can help you bust a myth and keep you protected.