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What to Expect With Texas Condo Insurance

Condo insurance is not a mandatory requirement in Tomball, TX, but a lender will require it. Condo insurance is a little different from your standard home insurance. Your condo association or corporation will also have its own master policy that will cover some things around your property that you won’t have to worry about.

There’s still a lot to think about when you are purchasing condo insurance. At Great Southern Agency, we can help you get the condo insurance coverage that you need to protect you from every risk.

What Does Condo Association Insurance Cover?

Condo corporation insurance covers damage to the common areas of your condominium complex, as well as any amenities areas such as a gym or the pool. The lobby, elevators, laundry, and parking lots and grounds are all covered by your condo board’s policy.
Your condo insurance will cover your property, your personal liability, and your common loss assessment.

Personal Property Insurance

Property coverage for your condo insurance will cover the losses of your property when it is destroyed, lost, and damaged. It can also cover the contents of any storage lockers in your building or on site. This coverage protects that property wherever it goes.

If you are taking your laptop with you on a road trip and it is stolen, your condo insurance will cover it.

You can add riders for things such as valuable articles, musical instruments, jewelry, art, or any property that you have that is valued above standard coverage limits.

Improvements and Betterments Coverage

Improvements and betterments coverage will pay for any changes that you make to your condo when there has been damage.

Personal Liabilities

If something happens inside your home, and you are liable for the problem, a personal liabilities coverage will pay for medical or legal claims that result. If the problem happens in any of the common areas, your condo association’s policy will cover some of that.

That is where the common elements loss assessment comes in. Their coverage will pay for some of it, but they might be carrying high deductibles. In those events, they will ask the members of the condominium complex to help pay for the claims. Your common elements loss assessment coverage will pay for that.

Get a Quote

Condo insurance sounds complicated but it isn’t really. At Great Southern Agency in Tomball, TX, we can help you to design the best policy for your needs. Call us for a quote today.