When you buy a condo in Houston or Sugarland, TX, your insurance responsibility is different than if you owned a house. For a house, you insure inside and outside of your property and the surrounding land. However, for condos, you are solely responsible for the interior of the dwelling. All owners share responsibility for the land and common areas, insured through homeowner’s association (HOA). A Transparity Financial Services professional can help you understand the types of condo insurance you need.
What is Condo Insurance?
Condominium insurance pays for personal belongings, liability, and additional living expenses if coverage kicks in. You are reimbursed for damage to additions, improvements, and changes you make to the condo.
Under condo insurance, you see a big difference versus homeowner’s insurance. You only need to cover the cost to rebuild the interior of your home. Typically, this is from the wall studs inward. Repairs on the outside of the building, hallways, and other areas are covered by HOA insurance.
Under homeowner’s insurance, you pay a higher premium based on the cost of replacing the home, its contents, and any structures such as fences, sheds, and so forth.
For your condo, you are responsible if a visitor is injured in your condo or damage is done to their property. A personal liability policy covers this. Your HOA insurance covers building common areas. So, if your guest slips in the pool, that’s the association’s responsibility.
When you own a standalone home, you need the same coverage for personal liability as in a condo. However, you also need additional insurance that pays for covered events for your pool, trampoline, and other places around the property.
Contact Transparity Financial Services today for more information on what personal and dwelling liability you need for your condo.
Personal Property Coverage
You need to cover personal belongings in your condo. This includes items not covered by the HOA, including jewelry, electronics, clothing, furniture, and other property. As a typical homeowner, the coverage type is basically the same, but you may require more coverage for the additional furniture and amenities in your larger home.
Contact Transparity Financial Services today to find out more about condo insurance or to schedule an appointment for a quote in Sugarland, TX.