What Does Condo Insurance Cover?

Condo insurance is coverage for your home if you live in a building owned or managed by a condo association. When you have condo insurance, you can rest knowing that unit repairs and damaged personal items may be covered by your policy.

This kind of insurance protects you, your personal belongings, and your home. If you live in Austin, TX, The Policy Source can help you find the right condo insurance policy. Here’s what you need to know about your coverage.

Personal Liability Coverage

When somebody is injured in your condo, your insurance company may provide coverage. If you are deemed to be the faulty party, your liability coverage may pay for expenses like medical bills. Some policies will cover medical bills even if you are not deemed to be at fault for the injuries.

Building Property Protection

If you live in a condo with shared walls, you may benefit from building property protection to cover damage like cracks and major destruction. Even though you do not own the building, property protection can help you avoid difficult situations.

Personal Property Coverage

When you have personal property protection with your condo insurance, damage and theft may be covered. Personal property covers things like appliances, furniture, electronics, and other items you own. There is often a specific limit for personal property coverage.

Flood Insurance

Many people add flood insurance to their condo coverage. Some lenders require flood insurance, which covers all damage caused by flooding to your condo.

You Have Many Condo Insurance Options

Each condo owner needs to have the right coverage to suit their needs. If you are unsure about your insurance policy needs in Austin, TX, get in touch with The Policy Source to learn more.