Condominium Insurance

Condominium Insurance Information

Condominium Insurance – Frisco, Little Elm, McKinney, Plano, Texas

Condo associations generally have insurance policies that cover the property of the common areas, outdoor areas and the exterior walls of the condominium buildings. In addition, their general liability policies generally cover injuries obtained by non-residents in these common and outdoor areas. But the interior walls and inside of each condo unit is the responsibility of the unit owner. A property insurance policy for your condo will cover the interior walls, appliances, floors and, if designed properly, the personal contents within the walls of your home when damage occurs due to a covered hazard such as fire, theft, vandalism or hurricane. If the condominium is located in a flood zone, then flood insurance should also be secured since the condo association’s policy won’t cover your personal losses due to flood, and standard condo insurance policies don’t generally cover that damage.

When you own a condo, Travelers has you protected in more ways than one.

As the owner of a condominium unit, your insurance needs are different from other homeowners. Here’s why: A master policy purchased by your condo association typically covers your unit’s building, the common areas and the unit owners’ collective liability. But that policy may not cover damage to your personal belongings or property within your unit that is caused by vandalism, theft or fire. Nor does it cover your personal liability in the event of a lawsuit. The Travelers Condominium Protection Program can provide the protection you need at a price you can afford. To give you the maximum in flexibility and affordability, Travelers offers basic coverage and lets you add special options to fit your needs.

Condo owners should also consider general liability insurance for their units. While the association policy should cover injuries that occur in common areas or outside the condo unit, anything that happens inside is the responsibility of the unit owner. While a general liability insurance policy may be enough for some, others might consider the higher limits of an umbrella policy for extra protection that also extends to their automobile.

When discussing condo insurance, it’s also important to note the major differences between condo and townhouse insurance. With townhouse ownership, the unit owners are expected to secure insurance that also covers the exterior walls, patios and balconies, and certain outside areas. Therefore, townhouse and condo insurance are not interchangeable, so be sure to find out which type of home you own so you know for certain which type of policy you need. When in doubt, ask the association to see the master policy so that you can find out exactly what’s covered by it—and what is not.

You can email Buckley Insurance Agency or call us at 469-388-1443. Or if you are ready to begin your quote, click on the Button below.

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