Why Do You Need Condo Insurance in Texas?
Condo insurance is needed to protect your belongings and for liability protection. Like with home insurance, you may be required to have condo insurance if you are financing your condo. Condo insurance will be slightly different than home insurance, depending on what your master policy covers. You may think that since there is a master policy, you don’t need your own condo insurance, but that’s not the case. The master policy will only provide limited protection.
What Does Condo Insurance Cover in Texas?
Depending on the type of coverage your master association has, you will need to evaluate your needs for condo insurance and get your own protection. Condo owners will need to insure the items that are contained in the condo. This includes furniture, drapes, flooring, and personal possessions. Landlords who rent out their condos will also need to get coverage for anything that isn’t insured within the master building policy, which can include large, fixed appliances and flooring. Condo insurance will also provide liability insurance. This protects you in case somebody claims negligence that caused property damages or injuries.
A condo master policy can be three different types. Bare Walls coverage is limited and will cover the structure, as well as the furnishing and fixtures in common areas. Single Entity coverage is an extended version and will also include fixtures in individual condo units. All In coverage covers all property that is owned by the condo association and is the most comprehensive policy. Even improvements and additions to each individual condo are included, so an owner only needs to purchase coverage for belongings. An agent at Olympian Insurance can help you if you aren’t sure what your master policy covers. You will need enough condo insurance to protect your belongings and enough to repair or replace the inside of your condo.
Contact Olympian Insurance to get a quote on condo insurance.