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What Does Your Condo Insurance Cover in Texas?

Condo insurance in Texas can be confusing. You are responsible for having some condo insurance, but your condominium association will be responsible for some as well. That is because the benefit of owning a condo is being a part of an association that takes care of many elements of homeownership for you, so that you have fewer responsibilities. 

At Texas Classic Insurance, we want Granbury, TX condo owners to know what their Texas condo insurance covers, so that you are covered for every risk. 

What Does Condo Association Insurance Cover?

Every condo association will design their own unique condo association insurance policy. The most common kinds of coverage on every condo association insurance policy are liability coverage and property damage coverage.

Liability coverage will cover the association if anyone is injured in the areas commonly used by owners and their visitors. Property damage insurance will cover them if the common condo areas are damaged by fire, theft, or other perils.

As a condo owner, you will not be responsible for any of the damages to common areas unless you caused the damage, or it is specified by your association as part of ownership.

What Your Condo Insurance Will Cover

In Texas, condo insurance is not mandatory unless your lender asks that you get that coverage, which is often the case. Your own personal condo insurance will cover you for liability coverage and contents, and any additional coverages you put on your condo insurance yourself. 

The most common condo insurance add-ons include loss assessment coverage and improvements coverages to start.

Liability coverage will protect you if anyone that is in your condo suffers an accident or injury. Your liability coverage may not always cover you on-site. There are some policies where your liability coverage goes where you go.

Contents coverage will cover your contents in the event of theft or fire. If you have a storage locker on site, those contents will be covered as well. 

Loss assessment coverage will cover you in the event that the condo association insurance has a claim that exceeds their own caps on liability or property damage. In those situations, condo owners are often asked to divide the costs amongst themselves, a claim that is covered by loss assessment coverage. It’s never a bad idea to have this, and may be required by some lenders.

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At Texas Classic Insurance, we want Granbury, TX owners to feel comfortable about their insurance coverage. Call us for a quote today.

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