Buying insurance for your residential property is essential. No matter what kind of property it is, you should purchase some or the other kind of policy to protect it from threats. In this regard, if you live in a condo, you need to look into condo insurance. Although it shares certain elements with homeowners’ insurance, it is actually an entirely separate insurance type. The biggest difference between the two is that while homeowners insurance covers the surrounding area of a property, condo insurance doesn’t do so. It typically provides protection for the interiors of the condo and the personal belongings inside the unit. The coverage for the exterior area is maintained by the owner of the entire condo complex. So, if you need condo insurance in areas like Houston, Texas Gulf Coast, Alvin TX, Pasadena TX, League City, Manvel or the nearby locations, then we can assist you. At Rick Tinker Insurance, we take time to read your association’s by-laws and explain to you what’s covered and what’s not before selling you a policy. Whatever your requirements are, we are happy to guide you throughout!
Here are two things you need to check before you buy condo insurance. Take a look.
- Check What Is Already Covered
Before you settle on a policy for your condo, check what all is covered in the master insurance policy. This is basically the insurance that is purchased by the condo association, wherein the protection of the common areas are included, like the roof, hallways, etc. This is shared by all the unit owners in the form of HOA fees. The coverage here can vary from a bare walls policy, which is a limited kind of plan, to an all-in coverage, which is a very comprehensive condo insurance policy.
- Consider Buying Loss of Use Coverage
Although it’s not that well-known, loss of use coverage is very valuable. In the event that your condo becomes uninhabitable due to an evacuation order or due to damage, this kind of a policy helps pay for the extra money that you’ll have to spend in order to maintain another residence.
We can help you choose the perfect insurance plan for your needs. Call us now and we’ll handle the rest!