Condo associations in Gahanna carry insurance coverage for the roof and parking lot. The contents inside your four walls are the responsibility of your own condo insurance policy. That works out fine until the buildings get hit with a storm and repair costs exceed what the association’s policy covers.
What Your Association Has to Do Under Ohio Law
Ohio law requires condominium boards to carry liability insurance for the common elements. They must also maintain fire and extended coverage on every building, and that coverage must equal at least 90% of the cost to replace it.
But just because the law requires it doesn’t mean your association has unlimited coverage. A master policy has a deductible, and a loss severe enough can quickly push past the policy’s limits. That leaves a gap that the board can pass along to you and other owners as a special assessment. This is something the team at America’s Top Insurance has seen play out firsthand.
How Gahanna Weather Exposes That Gap
In central Ohio, we can count on more than our share of hail almost every spring. It was just March 2024 when an EF2 tornado touched down near Havens Corners.
Then winter arrives, bringing freeze-and-thaw cycles that wear on flashing and gutters. If you’re in a building along Big Walnut Creek, you may also deal with water intrusion from below. Many condo buildings in Gahanna were built in the 1970s and 1980s, and these older roofs rarely make it through a rough season without sustaining some damage.
Where Loss Assessment Coverage Fits into Your Condo Insurance
Your condo insurance policy covers your unit and personal belongings, but loss assessment coverage is a separate component. It comes into play if your association ever charges you your share of the cost after a covered loss to common property.
Most policies come with only a small default limit, and condo owners in Gahanna typically raise that limit once they read their association’s declaration and understand how the master policy’s deductible actually works.
Read the Declaration First, Then Your Policy
The documents your association provided spell out exactly what their master policy covers and when responsibility shifts to you. At America’s Top Insurance, we’ll read all of these documents alongside your policy to make sure you have the coverage you need. If you own a condo in Gahanna, OH, get in touch today.
