Do I Need to carry Condo Insurance in Texas

When you own a condo in the DFW, it feels very much like owning a freestanding home. The difference is a condo has a condo association that carries insurance on parts of your home and the surrounding area. Not all condo association insurance is the same, but it does have essential components that will be included. The condo association covers the exterior of your building, and the common areas shared with other owners are covered with liability insurance. How far into your condo the coverage goes is what you need to check. Collum Insurance Group LLC in Richardson, TX can help you to get the additional insurance to protect your investment in your condo. 

It would help if you carried condo insurance to cover any improvements made to your unit. Updating a kitchen or bathroom increases the value of your condo. A condo association policy does not cover your possessions. If your unit is destroyed, you are responsible for replacing everything you own. A daunting prospect for anyone. Discuss with your insurance agent whether you are comfortable with replacement cost or the actual value of the items you may lose. 

When someone is injured while visiting your condo or a member of your family, even a furry one, injures someone or damages another person’s property, you need liability insurance. This covers medical expenses as well as legal fees and judgments. 

If a covered event damages your unit, condo insurance will help you to pay for a hotel immediately and, in the longer-term, another place to stay until you can return home. 

Condo insurance offers valuable protection, and you should carry it. Collum Insurance Group LLC will help you to find an insurance policy that gives you peace of mind. Give us a call or stop by our office in Richardson, TX for a no-obligation quote.