The agents at The Policy Source serving the Austin, TX area want you to know if you own a condominium in Texas, you are not mandated to have condo insurance. Even though it is not required, it is essential to have a policy to protect your investment in your condo. Also, if you owe a lender for the purchase of your condo, you probably are required to have condo insurance for the duration of the loan.

Many condo owners may be under the assumption that the company or HOA that owns the condominium complex will have insurance in place to cover each individual unit, and that is not the case. That type of property insurance covers the outside area of your condo and shared spaces throughout the complex, such as patios, pool areas, and recreational rooms.

What Does Condo Insurance Cover?

Condo insurance, often called HO6 insurance, provides coverage for your individual unit and your personal belongings. Unlike homeowners’ insurance, which covers the entire dwelling structure, condo insurance focuses on your condo’s interior and your personal possessions, including furniture, appliances, clothing, electronics, and more. It protects your belongings if there is a fire, theft incident, an act of vandalism, water damage, or a natural disaster.

Condo insurance also provides personal liability coverage. If someone is visiting your condo and is injured, your policy can help them with their medical bills and other expenses.

Get Your Condo Insurance Policy Started

Even though condo insurance is not required in Texas, it can be required by your lender and your condo association. To start your condo policy, contact the experienced agents atThePolicy Source serving the Austin, TX area.