When it comes to living in a condo community, it’s important to know that your Condo Owner’s Association (COA) will have a master policy. This covers the building and all common areas, but it may not cover the interior of your unit.

It’s more than likely you’ll be responsible for:

• The finishes inside your condo
• Your personal property
• Liability
• And other costs related to your unit becoming uninhabitable after extensive damage

There are many risks that make an individual condo insurance policy necessary, including:

• Riverfront Flooding: Condo units that are near or around the Ohio River or in Newport or The Banks face elevated flood risks.
• Urban Living Risks: Densely populated neighborhoods like Over-the-Rhine and Downtown Cincinnati may face higher rates of theft, vandalism, or accidental fire.
• Historic Buildings: Condos in older areas such as Mt. Adams and Walnut Hills often require specialized repair work.

The COA’s master policy will determine how much coverage you need on your personal policy. Master policies can have different levels of coverage, which are broken down below:

• Bare Walls: Only covers common areas, outsides of the building (or buildings), roofs, elevators, and hallways.
• Single Entity: Covers everything from Bare Walls and additionally, structural elements within the units, such as original fixtures, flooring, and appliances as they were first installed.
• All-In: Covers everything from the previous levels, but also covers any upgrades or improvements made to the units. It can also replace a unit if deemed a total loss.

It’s important to point out that none of these options cover your personal belongings or liability, making a personal policy equally important to the master policy.

Once you know what your COA’s master policy covers, you can then start thinking about your personal policy (condo policies may also be referred to as HO-6 insurance). Here’s what standard condo insurance policies will include:

• Dwelling/Building: Coverage for the interior of your unit, such as walls, floors, ceilings, built-in fixtures, etc., if they’re damaged from a covered risk.
• Personal Property: Coverage for your belongings (furniture, clothing, certain electronics, etc.) from theft, fire, or other covered incidents.
• Personal Liability: coverage for medical expenses and/or legal fees if someone is injured in your unit, or if you cause damage to another unit.
• Loss of Use: Offers assistance for temporary lodging and other expenses related to your condo becoming uninhabitable from covered damage.

Standard condo insurance policies are a great starting point. But some may feel more comfortable adding coverage. Here are some additional coverage options available:

• Flood Insurance: Flood damage is not covered by standard policies. You must purchase a separate policy from the National Flood Insurance Program (NFIP) or a private carrier. Helpful for those along the Ohio River and potential first floor condos.
• Sewer Backup Coverage: Assistance against damage from drain or sewer backups.
• Loss Assessment Coverage: Helps if a common area of your building has insufficient coverage under the master policy, which may require funds from you.
• Short Term Rental Coverage: Coverage for if you use your unit for short term rentals. Helps with accidental or intentional damage, theft, damage to your guest’s property, and damage to a neighboring property because of a guest.
• Building Code Coverage: Assistance for when your COA needs to bring a damaged unit or building up current building codes. Helpful for older buildings.

This isn’t a full list of every coverage option available, and the descriptions are general in nature to give you an idea of how they help you. Policy terms and details may apply.

Goosehead can present options based on your situation and needs to make sure you get coverage that makes the most sense for you.

On average, Cincinnati condo owners pay roughly $600 a year. However, what you pay depends on more than just your coverage selections, deductibles, and carrier. 

Other rating factors include:

• Location: Certain ZIP codes/neighborhoods have higher reports of theft or weather-related damage.
• Age and Construction of Building: Premiums may be higher in Over-the-Rhine, Mt. Adams, or historic Walnut Hills due to older construction and increased claim costs.
• COA Master Policy: What the COA’s master policy covers helps inform what you need on your personal policy.
• Claims History: Those that make frequent claims tend to see higher rates.
• Credit Score: Insurers may look at your credit score as a rating factor.
• Short Term Rentals: Whether or not you rent out your unit impacts your rates.

Coverage for your condo may not be as expensive as homeowners’ insurance, but there are still ways you can save on your premium. Common strategies include:

• Bundling: It’s common for insurance companies to offer discounts when you combine condo with another policy like auto.
• Install Safety Features & Monitors: Installing anti-theft measures or water sensors are often rewarded through discounts.
• Shop Around Before Renewing: Goosehead makes it easy to see how your current policy and rates stack up against other offerings before you renew.

At Goosehead, our agents know how to work with you to find coverage that makes sense for all aspects of your life, be it specific coverage or your budget. That’s why our clients trust us. With Goosehead you can get:

• Comparisons Made for You: With access to carriers nationwide, we make the work easy for you by making comparisons on your behalf.
• Customized Solutions: Agents work with you to learn your needs and create a policy that matches them.
• Area Expertise: Agents are licensed for Ohio, so they know what risks to keep top of mind and how to advise you.
• High-Quality Service: From getting a quote to binding your policy, our agents make sure you have top-notch service.