Condo insurance and association responsibilities
Rick Tinker can help you with condo insurance in Friendswood, Galveston, Houston, Pasadena TX or Webster TX. Maybe you represent the home owner’s association or body corporate or maybe you own a condo. If you own a condominium it is important to understand what the association is responsible for and what you are responsible for. The association will insure the building and structures, but it might be bare minimum such as walls, floors, roof and ceiling. The only way to know for sure what the association is responsible for is to study the relevant documents.
Insurance responsibility and details can be found in the bylaws as well as the actual insurance policy. Understanding legal documents is not easy so it will be a good idea to ask your insurance advisor to read them as well. You will likely be responsible for most of the interior of your condo. That could include paintwork, fixtures and fittings. Then you also need to consider your personal possessions and valuables.
Another thing to consider when it comes to condo insurance, is liability cover. If a third part is injured because of an accident in your condo, you could well be liable. Even though condo insurance might not be as extensive as that for a free-standing home, you still need to be sure there are no gaps between the main association policy and your condo specific policy.
Once you have your coverage sorted out you need to consider the cost. You don’t want to be underinsured, but you also don’t want to pay more for your condo insurance than you should. An independent agent such as Rick Tinker has access to leading carriers and they know where and how to find cost effective property insurance, including condo insurance.