Condo living is popular in Texas for a variety of reasons and homeowners investing in a condo need sufficient condo insurance to protect their units.

While it might seem like the same type of policy, condominium insurance works differently than standard homeowners insurance.

To fully understand the ins and outs of insuring a condo, property owners should seek an insurance agency that has experience protecting these versatile and popular residential properties.&

What Type of Condominium Insurance Is Needed?

One of the most difficult things about purchasing condominium insurance is that condos can be used in a variety of ways, each of which requires different coverage.

Condo insurance differs based on how the condo is being used, whether as a primary residence, a vacation property, a rental unit, or for short-term rentals.

To adequately protect any condo, the property owner must discuss all of these possibilities with their insurance agency so that the condo policy reflects all of these different uses.

Finding The Right Condo Insurance Can Get Complicated

In addition to the many ways that condos can be used which can affect the type of condo insurance required to protect these units, they are unique in other ways, too.

Because condominiums are single units in shared buildings and owners must be a part of a condo association, there are unique risks involved that do not apply to standard single-family homes and insurance policies.

Losses due to issues with a neighboring unit or within the building or when the condo association requires additional funds to pay for their losses can be a surprise to unit owners who are unprepared.

Condominium insurance that protects against these types of often-overlooked circumstances is important.

How To Properly Insure Condominiums

Brad Hurt, a partner at Service Insurance Group, discusses in this short video how his insurance agency approaches the topic of condo insurance and what owners of rental condos can do to best protect their properties and themselves.

Get The Right Condo Insurance For Your Rental Condo

Condos can be fruitful, income-producing investment properties, whether they are used rented as full-time residences or as short-term rentals.

In either case, owners must purchase condominium insurance policies designed for these specific uses and include other relevant riders to adequately protect their properties.

Rental condo insurance can be confusing since there are risks other than the obvious that property owners must insure against.

Owners should contact a knowledgeable rental condo insurance agency that is experienced in this field and works with the best carriers who can assess their needs and help them find the most complete protection for their condo!