Although condo insurance isn’t mandatory, it can help you protect your property and valuables against theft or loss. If you’ve taken a mortgage on your condo, your lender may require that you have insurance coverage. At Austinite Insurance Agency LLC in Austin, TX, we can customize a condo insurance policy to suit your specific needs. Here’s why you should have a personal condo insurance policy:
Protect Your Personal Unit
Your condo’s Master Insurance Policy is designed to cover the exterior of your building and common areas such as tennis court, pool, clubhouse, etc. To protect the interior of your unit, you need your own policy.
Property building coverage will ensure the interior of your unit is covered in case of damage or loss. This insurance protects your walls, floors, cabinetry, sinks and other permanent fixtures against damage caused by fire, smoke, storms or other perils covered under your policy. If you’ve made renovations to your unit, they will be protected as well if you add them to your policy.
Protect Your Goods
Personal property coverage protects your goods like clothes, furniture, appliances, electronics and any other items you own. If you’re wondering if this coverage is worth it, consider how much you’d have to pay to replace designer clothes or costly electronics on your own. This insurance also covers your belongings when you travel. If posh jewelry is stolen from your car while on vacation, you can make a claim under your condo insurance personal property coverage.
Liability insurance protects you against lawsuits if someone were to be hurt on your property. Accidents happen all the time. Liability coverage will pay for medical expenses of those who are injured or legal expenses of a lawsuit if the injured party sues for damages.
To learn more about condo insurance coverage and costs, contact Austinite Insurance Agency LLC, Austin, TX.