For many people, owning a condo is a way to own a home without much maintenance to worry about. It is also, in many cases, an affordable way to get into a pricey housing market. Arlington has a very competitive housing market. If you are purchasing a condo and getting your first condo insurance, you may have questions. You aren’t alone. Many condo owners have questions. At Rickey McGill Insurance Agency in Arlington, TX, our experienced staff can help with advice and answers.
Is condo insurance mandatory in Texas?
Condo insurance is not mandatory in Texas. If, however, you have a mortgage on your condo, your lender will require you to show proof of condo insurance. Read your covenant to see if you are required to have condo insurance.
Doesn’t the condo association have insurance on my condo?
Yes, indeed, the condo association does have insurance on your condo. They have building insurance covering the exterior of the building and liability coverage on the common areas you share with other residents. What they don’t have is insurance on the interior of your condo and your personal possessions.
What does condo insurance cover?
Condo insurance has several types of coverage:
- Building– Even though the condo association covers the exterior of your condo, the walls, ceiling, kitchen cabinets, and other structural things inside your unit are covered by your condo insurance.
- Contents-Your personal possessions, furniture, decor, electronics, jewelry, and clothes are all covered.
- Liability-You need your own liability coverage for the interior of your unit in the event some on is injured while visiting.
- Loss of use- If your condo gets damaged by a covered hazard, you will get funds to help pay for a place to stay.
Contact Rickey McGill Insurance Agency in Arlington, TX when you have condo insurance questions.