Many people in Austin, TX, are choosing to purchase condos over living in traditional single-family homes. There are many benefits to doing so, including lower maintenance costs, access to community amenities such as a pool, and a built-in social circle. At Armadillo Insurance Agency, we want our clientele who live in condos to understand that they don’t need to insure their condominium the same way they would insure a home. The following are three facts you should know about condo insurance versus home insurance.
1. The Community May Provide Some Coverage
Before you get condo insurance, check to see what the condo association you live in covers with its mandatory insurance policy. In many cases, their insurance policy will cover everything. Generally, condo association coverage covers any liability that may occur in the common areas of the property. It could also cover any damage or injuries that occur on the exterior of your condo.
2. Personal Belongings Aren’t Always Included
In many cases, the personal belongings in your condo aren’t covered by traditional condo insurance. Check your condo policy to see if you need to add additional coverage for your valuables. It’s always a good idea to add a rider to your condo coverage to ensure your personal belongings are protected in the event of a fire, theft, or burglary.
3. Renters Need to Boost Their Coverage
Not everyone owns their condo, and renters should always consider adding riders to their insurance to protect themselves and their belongings in a condo. You should also get a condo renters’ insurance policy if you own a condo and rent it out. This will cover you if one of your tenants is hurt inside your property or any other kind of liability that may arise in this situation.
At Armadillo Insurance Agency, we help new condo owners in Austin, TX, get the correct coverage for their new living space. Contact us immediately if you want more information about how we can help you.
