Owning a condominium comes with a unique set of responsibilities. Not only are you responsible for the maintenance of your unit, but you also share common areas with your neighbors. As a result, it’s important to have the right insurance coverage in place in case of an accident or incident. But with so many different options available, it can be difficult to know where to start. Great Southern Agency in Tomball, TX offers this guide in navigating this important coverage.
The Dos and Don’ts of Condo Insurance
Do: Make Sure Your Condominium Association Has Insurance
Your condominium association is responsible for insuring the common areas of your building, such as the lobby, hallways, and roof. However, this insurance does not cover your personal belongings or unit. That’s why it’s important to have your own condo insurance policy in place.
Don’t: Rely on Your Condominium Association’s Insurance for Everything
While your condominium association’s insurance will cover some things, it’s important to remember that it will not cover your personal belongings or unit. That’s why you must have your own condo insurance policy.
Do: Know What Your Condominium Association’s Master Policy Covers
Before purchasing a condo insurance policy, it’s important to know what coverage your condominium association’s master policy provides. This will help you avoid duplication of coverage and ensure you’re properly protected.
Don’t: Forget About Personal Liability Coverage
Personal liability coverage is important for any type of insurance policy, but it’s especially important for condo owners. This coverage will protect you in the event that someone is injured in your unit or if you’re found responsible for damages to another unit.
Do: Consider Additional Coverage for High-Value Items
If you have any high-value items in your unit, such as jewelry, art, or electronics, you may want to consider purchasing additional coverage for them. Many condo insurance policies limit the amount of coverage for personal belongings, so it’s important to ensure you’re properly protected.
Don’t: Wait Until Something Happens to Get Insurance
It’s important to remember that insurance is not a luxury; it’s a necessity. And, like any other type of insurance, it’s important to have it in place before you need it. Waiting until something happens to get insurance is not only risky, but it could also be too late.
Get Condo Insurance in Tomball, TX
The bottom line is that condo insurance is a must for all owners. By following the dos and don’ts above, you can ensure you’re properly protected. If you have any questions about your coverage or if you need help finding the right policy for your needs, contact Great Southern Agency today. We’re here to help.