If you own a condo, you own your own home and need to do everything you can to protect it. Your condo board and your lender likely both require that you have this insurance. Without it, you would be extremely financially vulnerable. Condo insurance is highly similar to home insurance, but there are a number of differences between them as well. When you own a condo and need a condo policy, give us a call at Presley Insurance Group in Dallas, TX to find out more.
Dwelling Protection
One of the main differences between home insurance and condo insurance is that condo coverage doesn’t cover the entire dwelling. It will only cover the areas that you actually own. The outside portion of the outer walls is owned by the condo board rather than you. Depending on your contract, you may own the inside of those walls, or your ownership may end at the inside of those walls. Your condo insurance will take into account the areas that you own and cover them all. If a damaging event occurs, the insurance will pay for the damages that need to be repaired.
Protection of Possessions
Like home insurance, condo insurance also covers the items that you own in your home. If those possessions were to be ruined in a covered event, the policy could pay for them all to be replaced. This is important coverage when you think about the value of everything in your home. With condo insurance, you won’t have to begin again with nothing after a serious event happens. You can get back on your feet far more quickly with this coverage.
Get Condo Insurance
Owning a condo is a great way to own your own home. If you have a condo, make sure to protect it with insurance. To get a policy, call us at Presley Insurance Group in Dallas, TX.
