When you want to enter the housing market, one of the affordable ways to do that is to purchase a condo. At DGIA LLC in Round Rock, TX, we are an independent insurance agency that works hard to make sure that you have the right condo insurance for your needs.
Condo Insurance: The Basics
Condo insurance has many of the same types of coverage as home insurance. At the same time, condo coverage is unique to condos. Along with the benefits that you get from your HMO payments every month, your condo association also has an insurance policy that covers the exterior of the building that houses your condo. It also covers the shared common areas like the lobby, elevator, parking lot, pool, and any other shared amenities.
Your property insurance coverage on your condo policy will begin at the point where the condo association insurance stops. So the fixtures inside your individual unit are usually covered by your insurance unless the condo coverage is "all in". Read your covenant so that you won’t get a surprise if you have to file a claim.
Your liability coverage protects you from actions taken by someone injured inside your unit. The condo association’s master policy covers the outdoors and the common areas.
When it comes to your personal property, the coverage is much the same as home insurance. You can opt for the current value or replacement cost. It is up to you how much you want to cover your property and how much you will actually replace.
The final piece of coverage is your loss of use coverage. If your condo is damaged by a covered hazard, this insurance will pay for a place for you to stay while your unit is being repaired.
Give Us A Call
Contact DGIA LLC in Round Rock, TX when you are ready to discuss your condo insurance.
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