You might think that your condominium association’s insurance policy covers everything, but that’s not always the case. While your condo association’s insurance policy covers the building itself, it typically doesn’t cover the contents of your unit. That’s where condo insurance comes in.
Here are some tips from the Presley Insurance Group in Dallas, TX on what condo insurance does and doesn’t cover.
What Does Condo Insurance Cover?
Condo insurance, also known as HO-6 insurance, is a type of insurance designed specifically for condominium owners. Just like homeowners insurance, condo insurance covers your personal property in the event of damage or theft. In addition, it also provides liability coverage in the event that someone is injured while on your property. Most importantly, condo insurance bridges the gap between what your condominium association’s policy covers and what it doesn’t. If you own a condominium, condo insurance is an important way to protect your investment.
What Does Condo Insurance Not Cover?
Even though condo insurance is designed to protect you and your personal belongings, there are certain things that it doesn’t cover. For example, most policies will not cover damage caused by flooding or earthquakes. If you use your condominium for business purposes, your personal condo policy will not cover any business-related losses or liabilities. In addition, any damage that is caused by your negligence (e.g., a fire that you started) will not be covered by your condo insurance policy. This is why it’s so important to read your policy carefully and make sure you understand what is and isn’t covered.
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If you own a condominium, it’s important to have a condo insurance policy in place to protect yourself and your belongings. While your condominium association’s policy covers the building itself, it typically doesn’t cover the contents of your unit. That’s where condo insurance comes in. Be sure to work with a reputable insurance agency like Presley Insurance Group in Dallas, TX to find the right policy for you.
