Condo Insurance
When you have a condo in Texas, you will have different insurance needs than a home policy will offer.
Why Do You Need Condo Insurance in Texas?
Your condo association will have coverage to protect the building. Still, this coverage won’t cover your liability or your belongings, so it’s necessary to have additional condo insurance to stay protected. You may be required to have condo insurance by your lender if you are paying off your condo. Even then, there are many benefits.
What Does Condo Insurance Cover in Texas?
There are several things that your condo insurance will cover:
- Personal Liability: If you injure someone or someone is injured while visiting the condo, you are on the hook for expenses. This pays for legal costs or medical bills.
- Guest Medical Coverage:: If someone is injured at home, then this coverage pays for medical expenses, even if you aren’t at fault for the injury.
- Building Property Protection:: This coverage helps pay for repairs to the walls of the condo and its interior, such as fixtures and built-in bookcases if a covered peril causes the damage.
- Personal Property Protection:: Your belongings are covered, including clothing, furniture, and appliances. If your belongings are damaged or stolen by a covered claim, then this coverage pays to replace or repair them.
- Loss Assessment Coverage:: This is optional coverage to help pay for the special assessment issued by your condo association to cover your share of damage.
You will choose from different types of personal coverage with Texas Independent Insurance in Allen, TX to help determine how much you get reimbursed after a loss. Actual cash value will pay for the depreciated value of the belongings. Replacement cost coverage doesn’t take depreciation into account, so you get more for any damaged belongings. There will be coverage limits with each, and you will need to pay a deductible before your coverage kicks in.
Contact Texas Independent Insurance to get a quote on condo insurance.
