Condominiums combine some benefits of apartment living with certain advantages of homeownership. Like apartment dwellers, a condo resident doesn't need to insure an entire building. The condo association typically covers the siding, roof, furnace, and shared areas like hallways. It may even insure the condominium unit's original fixtures. Nonetheless, individual unit owners usually need their own insurance for several important reasons.
Is It Required?
The state of Texas doesn't enforce any laws demanding people to insure their condos. On the other hand, many units in Fort Worth and other cities are governed by associations that require residents to obtain coverage. The same goes for lenders. If a bank lets you borrow money to buy this type of home, it will probably expect you to purchase insurance.
Individual condominium policies protect contents, building materials, and fixtures that the association's policy doesn't cover. At a minimum, this insurance safeguards your personal belongings. You can make a claim when a burglary or covered disaster results in losses. Additionally, you might need condo insurance to cover things like wall or floor coverings, upgraded fixtures, and remodeled rooms. It also provides liability coverage inside of your unit.
- Covers certain elements of a unit's interior
- Coverage for furnishings, clothing, electronics
- Protects against personal injury lawsuits
When comparing insurers, keep in mind that replacement value policies offer greater protection than actual value (because depreciation doesn't apply). You can add various riders to most plans; they resemble the upgrades available to homeowners. These add-ons provide coverage for events like earthquakes, flooding, and sewer backup. Umbrella insurance adds more liability protection while floaters cover especially valuable belongings like high-end watches and gold coins.
When you're looking for reliable condominium coverage, turn to Converse Insurance in Fort Worth, Texas. Our independent agency makes the shopping process as quick and effortless as possible. We take the time to understand your individual needs, compare condo insurance policies from several trusted insurers, and review the best options with you. Please visit or contact Converse Insurance today to get started.