When you buy a condo, you automatically become a member of the condo association. This is a group of people who own and manage the property collectively. The condo association is responsible for maintaining the common areas and amenities and insuring the building. As a condo association member, you are required to carry insurance on your unit.
But what does that mean for you, and what exactly does your condo insurance policy cover? Consult with David King Insurance Services LLC in Coppell, TX to learn more about your options.
Here are the five most important things you need to know about your condo insurance policy:
1. It Covers Your Personal Property
Your condo insurance policy will cover your personal belongings if they are damaged or stolen. This includes items such as furniture, clothing, electronics, and more. If you have any valuable items, such as jewelry or art, you may want to consider purchasing additional coverage to insure them fully.
2. It Covers Your Liability
If someone is injured while on your property, your condo insurance policy will provide coverage for their medical expenses. It will also cover you if you are sued for damages.
3. You Need to Review Your Condo Insurance Policy Annually
As your needs change, so does the amount of coverage you need. That’s why reviewing your condo insurance policy annually is important to ensure it still meets your needs. Otherwise, you could find yourself under or over-insured.
4. It’s Different From Homeowners Insurance
While both homeowners insurance and condo insurance protect your personal property and liability, there are some key differences. For one, your condo association’s insurance policy will only cover the building itself, not your unit. That means you are responsible for insuring your unit and all of its contents.
5. You May Need to Purchase Additional Coverage
Depending on the value of your personal belongings and the amount of coverage you need for liability, you may need to purchase additional coverage. This can be done through a rider on your condo insurance policy or by purchasing a separate policy altogether.
Get Condo Insurance Today
By understanding the basics of your coverage, you can be sure that you and your belongings are protected in the event of an accident or disaster. If you have questions about your condo insurance policy, contact David King Insurance Services LLC in Coppell, TX today. We can help you find the right coverage for your needs and ensure that you are fully protected.