Buying a condo means purchasing only a particular unit inside that building. Thus, even though your condo association has a master insurance policy on the building, that policy only covers the common areas, walls, roof, and elevators. However, it does not offer coverage for your unit’s possessions.
Condominium insurance, therefore, is a unique policy that covers your personal property, as well as any improvements, alterations, or additions done on the unit. Hence, it is also known as a walls-in coverage or H06 insurance policy. While insuring your unit is not mandatory, it is necessary as it will help you get compensation in case a peril or accident happens within your condo. Serving Austin, TX, The Policy Source will help you obtain the right kind of coverage that suits your Texas condo needs.
When Condo Insurance is Helpful
- In Case of Damage Inside Your Unit: If a peril such as fire breaks out inside the unit and damages all your property, having condo insurance will ensure that you get compensated for the destroyed belongings.
- In Case of Theft. If your personal possessions are stolen, this policy will make sure that they get replaced.
- If Someone Gets Hurt Inside Your Home. If, for instance, a visitor trips and fall inside your unit, condo insurance should help settle their medical bills if it was a serious fall, or cover your liability costs in case you get sued.
- Your Unit is Uninhabitable. If something happens inside your unit and makes you unable to live in it temporarily, your condo policy will cover the expenses you incur living elsewhere, such as in a hotel.
Condo insurance is a critical policy that covers your belongings, in addition to any fixtures or renovations that you have done to the unit. Without this policy, you will stand to lose a lot in case a peril happens. There are various types of condo insurance policies out there, and it is, therefore, imperative that you find the best fit for your Texas condo.
Here at the Policy Source, we offer various customized policies to our clients in Austin, TX, to ensure they get the most appropriate coverage for their needs. Want to learn more about condo insurance?