Make Sure You Have The Right Insurance For Your Condo
When you own a condo, you automatically have some sort of insurance coverage through the complex’s policy, but that does not mean you do not need condo insurance. Here is some information about how condo insurance differs from homeowners insurance, and what the complex’s policy does and does not cover.
Master Policy: The master policy is the insurance coverage that the condo complex has. You pay dues towards this insurance as a condo owner so that you do not have to get your own policy for certain things.
- What it covers: The master policy usually protects you from personal liability claims and physical damage claims in the common areas of the complex. The common areas may include hallways, the lobby, elevators, athletic facilities, swimming pools, and other common rooms. In the event of a natural disaster, these areas are covered.
- What is does not cover: The complex’s insurance policy does not cover the items in your unit or damage to more permanent fixtures such as floors, walls, appliances, fixtures, etc. This is where personal condo insurance comes in handy.
Condo Insurance vs. Homeowners Insurance: There are a few differences between these types of insurance that can be useful to keep in mind.
- Homeowners Insurance: You will generally be held responsible for the entire structure as well as all the contents within it.
- Condo Insurance: You will generally have no financial responsibility for the building but you might be responsible for the permanent fixtures like cabinets and flooring.
Keep this information about condo insurance in mind to make sure your condo has the protection it deserves. Contact the Gregory Insurance Group in Addison and Dallas for all of your home insurance needs in Texas. Keep your home protected by speaking to one of our insurance professionals and getting a great policy to meet your needs!