Condo insurance should consider coverage provided by the master policy
Condo insurance is a type of property insurance that deals with specific parts as well at the contents of your dwelling. Since a condominium is part of a complex or multi-housing project, the home owner’s association or body corporate is responsible for the overall building insurance. However, you are still responsible for the interior of your condo as well as your possessions and valuables. If you need best value condo insurance in Pasadena TX, Galveston, Houston or the Texas Gulf Coast, then Rick Tinker can help.
If you own a condo it is important to know what the master policy covers. The master policy is the one that covers the building and shared areas of the entire complex. Some mater policies only cover the buildings and structures and other fixtures and fittings as well. You need to know if you need know if you must include fixtures and fittings in your condo insurance. Fixtures include things like cabinetry, countertops, flooring, lighting and built-in appliances. Contents are items such as furniture, curtains, drapes, appliances, equipment, clothes, phones, jewelry, electronics and so on. Some high-value items may need to be specified separately.
You also need to know if your insurance covers the cash values or replacement value of the items insured. Another thing to consider is the cost of your insurance. The more coverage you have, the higher your monthly premium. For example, a replacement value policy will cost more than a cash value policy.
It always important to know what you are insured for and what not. It does not matter whether its condo insurance, home insurance, car insurance or some other form of insurance. Understanding what is covered, under what circumstances and what the limits of the coverage are, will help prevent nasty surprises down the line.