Insuring a condo property is much different than doing so with a stand-alone, single-family home.
Unfortunately, this has led to many unit owners purchasing the wrong insurance for their condos, or none at all in the worst case scenarios, leaving them unexpectedly responsible for covering costly damages.
Avoid this possibility by working with an insurance agent experienced in condo insurance to ensure a condo unit is protected the way it should be.
How Do Condos Differ From Single Family Homes?
Concerning homeowners insurance, condos are a much different type of property than single-family homes, so the average homeowner's insurance policy is not suitable.
This is because individual, privately owned condo units are conjoined within a larger building that is owned by the condo association and all of the individual unit owners combined.
Such a complex ownership setup means condo insurance must address various types of damage, including damage to the unit, exterior building, and all the common areas of the property.
To do so, insurance agents must write different insurance policies for the different entities with separate financial interests in both the overall property and individual units to fully protect everyone involved.
How Should Condo Owners Protect Their Property?
A serious mistake that condo owners make is assuming that the insurance policy held by the condo investor and the owner’s association will cover their units should they sustain damage in a fire or due to some other covered cause.
The condo insurance policy held by the association only covers the outside of the building and any common areas.
To protect their personal units, including the walls, fixtures, and all interior spaces, condo owners must purchase a building property policy for their units.
Additionally, insurance agents also highlight that unit owners must purchase coverage for their personal belongings within their units, as these are not covered by the condo association policy.
Watch and Learn About Getting The Right Condo Insurance
Learn about condo insurance gone wrong and how a condo owner can avoid this costly mistake by watching this short video by Brad Hurt, Partner at Service Insurance Group, the condo insurance experts:
Protect Condos With The Right Condo Insurance
Whether used as a primary residence or an income-producing rental property, condo owners must pay careful attention to their insurance policies to adequately protect their properties.
Although every building is covered under the policy held by the condo association on behalf of all owners, individual condo unit owners must separately protect their units with building and personal property coverage.
Turn to a knowledgeable insurance agent experienced with condo coverage to ensure the right coverage to protect a personal condo unit!
Questions About Condo Insurance in College Station Texas?
Contact The Insurance Agents at Service Insurance Group!
Call 979-300-7345 To Learn More!
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