Four Key Areas Covered by Condo Insurance

If you have a condominium in Austin, TX, it’s an excellent investment for life. Your condo can act as a home while giving you the convenience of living near strategic locations. If you own a condo, have you thought about condo insurance? Yes, you may contribute to the condo owners association (COA), but you still need condo insurance to give you all-rounded protection.

If you purchase condo insurance from The Policy Source, it covers you in the areas below.

Liability protection

If others accuse you or your loved ones of causing bodily injury or property damage, condo insurance covers the damage. Since liability claims can be expensive, condo insurance protects your assets and savings when you face significant lawsuits.

Loss of use coverage

When a peril in your policy makes your condo unlivable, condo insurance pays for the additional living expenses until your dwelling becomes habitable. Simply said, condo insurance covers costs when a covered loss temporarily relocates you.

Personal assets coverage

Like home insurance, condo insurance covers your furniture, clothing, electronics, and other personal assets when lost or damaged by covered risks. You don’t have to start from scratch when perils strike.

Loss assessment coverage

You may contribute to your master policy, but sometimes the fund in the COA may not be enough to cover damage or liabilities incurred in shared spaces such as the swimming pool. When this happens, condo owners must top up the difference from their pockets. However, this doesn’t have to be the case if you have condo insurance. This policy pays for the loss assessment costs, preventing you from incurring out-of-pocket expenses.

Does condo insurance appeal to you? If you are in Austin, TX, please contact The Policy Source for a competitive quote.