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Condo insurance isn't mandatory in Texas. However, it's certainly a wise decision to protect your investment. Most condos come with a master insurance policy that generally covers the building and common areas. This master policy, however, doesn’t include the interior of your unit, your personal goods nor your liability should a guest get injured while visiting your condo. At Ross Insurance Agency in Waco, TX, we offer the condo insurance coverage you need to protect your assets. If you own a condo in Texas, here’s how a condo insurance policy can benefit you.
Individual condo insurance to cover your structure, goods, and liability is known as HO6 insurance. A standard policy protects the interior of your unit to include ceiling, walls, carpeting, cabinets and other built-in structures against such dangers as windstorms, torrential rains, vehicle collision, fire, and other disasters. You can also obtain insurance protection for any improvements you make to your structure.
Condo insurance will also protect your personal belongings to include furniture, electronics, kitchen appliances, artwork, clothes and other personal effects against such risks as fire, theft, vandalism and other disasters. The amount of protection you obtain depends on the value of your property.
Lastly, HO6 insurance will cover liability claims if someone is injured or suffers property damage while on your property. Accidents happen – that’s a fact of life. With liability insurance, you don’t have to pay for medical costs or damages out-of-pocket.
Deductible & Coverage Limits
Keep in mind that any policy you obtain will come with a deductible, the part you pay before your insurance kicks in. You choose this deductible when purchasing a condo policy. You also select the limits of your coverage. After assessing the value of your condo and belongings, your Ross Insurance agent can recommend coverage limits and deductibles to suit your needs.
For more information on condo insurance coverage and costs, call or visit Ross Insurance in Waco, TX.