Condo Insurance
Many Texas residents are taking advantage of living in condo communities, especially in the faster-growing cities such as Fulshear, Iowa Colony, Liberty Hill, Montgomery, and others. As a condo owner, you are presented with a Homeowners Insurance policy that you will share with the other condo owners in your community. This policy will cover incidents in the shared areas, but once you close the door to your condo, you are on your own. Insure Texas LLC offers clients the option of a personal condo insurance policy for their protection.
Is a Condo Insurance Policy Required?
While the state of Texas does not require condo insurance, if you carry a mortgage on your condo, your lender will require this policy with full coverage. Even if you own your condo and do not have a mortgage, having a full coverage condo policy on your home will give you the financial assistance you need in an unexpected event.
What is Covered With Condo Insurance?
Your condo insurance policy will cover the structure and all parts of the condo that is exclusively yours. This means any walls, pipes, or foundations not connected to another condo will be protected. Also, your personal items within the condo are under protection as well. This includes the following:
- Furniture
- Appliances
- Clothing
- Jewelry
- Equipment
These are the most common items and anything else that you own within the condo.
The final component of condo insurance is liability coverage. If you have guests over and there is an accident in a community area, then you will need to use your shared homeowners' coverage. However, if there is an incident, like a pet bite, within your condo, this is where you will need your own policy to cover any damages.
Do You Want More Information?
Our agents at Insure Texas LLC are ready to assist you with any questions you have about condo insurance and get you a personal quote for your policy. Contact us today.
