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The Dos and Don’ts of Condo Insurance

Owning a condominium comes with a unique set of responsibilities. Not only are you responsible for the maintenance of your unit, but you also share common areas with your neighbors. As a result, it’s important to have the right insurance coverage in place in case of an accident or incident. But with so many different options available, it can be difficult to know where to start. Great Southern Agency in Tomball, TX offers this guide in navigating this important coverage.

The Dos and Don’ts of Condo Insurance

Do: Make Sure Your Condominium Association Has Insurance

Your condominium association is responsible for insuring the common areas of your building, such as the lobby, hallways, and roof. However, this insurance does not cover your personal belongings or unit. That’s why it’s important to have your own condo insurance policy in place.

Don’t: Rely on Your Condominium Association’s Insurance for Everything

While your condominium association’s insurance will cover some things, it’s important to remember that it will not cover your personal belongings or unit. That’s why you must have your own condo insurance policy.

Do: Know What Your Condominium Association’s Master Policy Covers

Before purchasing a condo insurance policy, it’s important to know what coverage your condominium association’s master policy provides. This will help you avoid duplication of coverage and ensure you’re properly protected.

Don’t: Forget About Personal Liability Coverage

Personal liability coverage is important for any type of insurance policy, but it’s especially important for condo owners. This coverage will protect you in the event that someone is injured in your unit or if you’re found responsible for damages to another unit.

Do: Consider Additional Coverage for High-Value Items

If you have any high-value items in your unit, such as jewelry, art, or electronics, you may want to consider purchasing additional coverage for them. Many condo insurance policies limit the amount of coverage for personal belongings, so it’s important to ensure you’re properly protected.

Don’t: Wait Until Something Happens to Get Insurance

It’s important to remember that insurance is not a luxury; it’s a necessity. And, like any other type of insurance, it’s important to have it in place before you need it. Waiting until something happens to get insurance is not only risky, but it could also be too late.

Get Condo Insurance in Tomball, TX

The bottom line is that condo insurance is a must for all owners. By following the dos and don’ts above, you can ensure you’re properly protected. If you have any questions about your coverage or if you need help finding the right policy for your needs, contact Great Southern Agency today. We’re here to help.

What to Expect With Texas Condo Insurance

Condo insurance is not a mandatory requirement in Tomball, TX, but a lender will require it. Condo insurance is a little different from your standard home insurance. Your condo association or corporation will also have its own master policy that will cover some things around your property that you won’t have to worry about.

There’s still a lot to think about when you are purchasing condo insurance. At Great Southern Agency, we can help you get the condo insurance coverage that you need to protect you from every risk.

What Does Condo Association Insurance Cover?

Condo corporation insurance covers damage to the common areas of your condominium complex, as well as any amenities areas such as a gym or the pool. The lobby, elevators, laundry, and parking lots and grounds are all covered by your condo board’s policy.
 
Your condo insurance will cover your property, your personal liability, and your common loss assessment.

Personal Property Insurance

Property coverage for your condo insurance will cover the losses of your property when it is destroyed, lost, and damaged. It can also cover the contents of any storage lockers in your building or on site. This coverage protects that property wherever it goes.

If you are taking your laptop with you on a road trip and it is stolen, your condo insurance will cover it.

You can add riders for things such as valuable articles, musical instruments, jewelry, art, or any property that you have that is valued above standard coverage limits.

Improvements and Betterments Coverage

Improvements and betterments coverage will pay for any changes that you make to your condo when there has been damage.

Personal Liabilities

If something happens inside your home, and you are liable for the problem, a personal liabilities coverage will pay for medical or legal claims that result. If the problem happens in any of the common areas, your condo association’s policy will cover some of that.

That is where the common elements loss assessment comes in. Their coverage will pay for some of it, but they might be carrying high deductibles. In those events, they will ask the members of the condominium complex to help pay for the claims. Your common elements loss assessment coverage will pay for that.

Get a Quote

Condo insurance sounds complicated but it isn’t really. At Great Southern Agency in Tomball, TX, we can help you to design the best policy for your needs. Call us for a quote today.

What are the Differences Between Condo and Homeowners Insurance?

One of the key and most important differences between condo and homeowners insurance is that with a condo, you only need to protect the interior of your home and the objects inside of it, whereas, with homeowners insurance, it needs to cover everything from the land to the property itself. Generally, there are two types of condo insurance – individual condo insurance and association insurance. Typically, a condo owner is only responsible for paying insurance for their individual unit, while the association insurance covers public spaces and damage to the building’s exterior. A portion of your monthly or annual dues will likely be used to help subsidize the cost of the association’s insurance policy. Be sure to request a copy and read the fine print of the association’s insurance policy to know exactly what you may be responsible for. 

Outside of the aforementioned distinction regarding what a condo owner is responsible for versus a homeowner, the two policies are largely similar. When shopping for condo insurance, be sure to purchase enough liability coverage to protect yourself should someone like a friend or repair person be injured while on your property. Additionally, adequate personal property and dwelling coverage will help protect yourself from having to pay for costly qualified repairs to your unit.

Shopping for a condo insurance policy does not have to be a challenge when you use the team at Great Southern Agency in Tomball, TX. Not only do we take the time to learn about our customers, but also we’ll be with you every step of the way to answer any questions you have. Give us a call today to schedule a no-obligation consultation with one of our talented team members.