Condo insurance is very similar to a homeowner’s policy except it is essential for a condo owner to understand how their condo insurance policy will work with the master insurance policy carried by the condo association. If you are a condo owner in the Houston, TX area and have questions about your condo policy, reach out to a specialist at Insurance Over Texas today.
The first element of condo insurance is the master insurance policy provided by the condo association. The master policy insures the building structure along with any common areas, such as the lobby, courtyard, swimming pool, and fitness center.
There are a few different types of master policies. Condo owners should know what their building carries to determine what sort of coverage they need to fill in any coverage gaps.
- Bare walls coverage: A bare wall policy will cover the walls, floor, and ceiling. If your condo carries this type of policy, you will need to make sure your policy covers the appliances, light fixtures, plumbing, and the cabinets in the kitchen.
- Single entity insurance: A single entity policy is very similar to a bare walls policy except that it also includes the fixtures. It is crucial to keep in mind that if damage were to occur, this policy would restore the fixtures to the original condition when the property was built. If you have new fixtures, you may want to consider having replacement coverage under your policy instead.
- All-in Coverage: All in coverage is the most comprehensive policy the association can carry. All-in coverage covers what is covered under the single entity policy but extends to cover any additions or improvements that have been made to the condo. In the event your building has All-in coverage, you will need to cover your personal property.
If you are interested in learning more about condo insurance, make an appointment with Insurance Over Texas today. We proudly serve the Houston, TX, area.