It’s easy to get confused about who covers what in a condo community. The short answer is that you own the inside of your condo, so you cover that. Your association covers the building, roof, hallways, and common areas.
But sometimes that basic understanding can get confusing, too. Because what happens if a pipe bursts in the unit above you and ruins your unit? Those types of situations are when it helps to have someone like Rickey McGill Insurance Agency on hand to answer your questions.
Understanding What Condo Insurance Actually Covers
Let’s keep going with our example scenario. The unit above you has a pipe burst. The water pours through your ceiling. Your floors and furniture are soaked. Maybe even your expensive electronics. Not to mention your clothes and other personal belongings. Who covers this? The association? The owner of the other condo?
Your association’s insurance covers the exterior of the units, along with shared spaces. Your condo insurance, or HO-6 policy, protects what’s inside your unit. Your four walls. This is the policy that covers:
- Your personal belongings
- Your unit’s interior structure (drywall, floor, cabinets, etc…)
- Liability if someone gets hurt while visiting you
Condo insurance can also cover your living expenses if you’re unable to stay in your unit while it’s being repaired after a covered event.
Why Your Condo Association’s Policy Doesn’t Help You in This Situation
In our flooded unit scenario, the association’s insurance doesn’t kick in because it only covers the common plumbing in the buildings. Not the damage that occurs inside your unit. Under the Texas Uniform Condominium Act, associations are required to maintain property insurance on common spaces. But individual improvements and personal belongings are all on you.
Why Condo Insurance Is So Important if You Live in Arlington, TX
Arlington, TX (and all of DFW) sits right in the path of the violent North Texas storm season. Flash flood warnings hit Tarrant County on the regular when heavy rainfall overwhelms the city’s streets and drainage systems.
A condo unit on a lower floor or in an older complex is especially vulnerable. Without the right condo insurance coverage, you could find yourself on your own handling repairs from water damage.
Talk to a Professional Who Knows Arlington and DFW
Water damage doesn’t care who has to pick up the tab. If you own a condo in Arlington, Texas, get in touch with us at Rickey McGill Insurance Agency to learn what you can do to make sure your belongings stay as safe and dry as possible.
