personal insurance in bryan texas

Condominiums are a popular type of home property that provide the convenience of apartment style living in a more permanent, personal setting. A condominium is a good home investment and is purchased just like a home, although they are different than actual houses in several ways. One of these important differences is the way in which condominiums are insured. Condo insurance is different than regular homeowners insurance, which makes it important to carry this specific type of insurance as part of a total personal insurance package to have the right protection.

Different than Apartments

Condominiums are different than apartments because each unit is privately owned; as opposed to the entire building being owned by a building owner who then rents out the individual units. This is significant, as each property owner must carry individual insurance for their unit while at the same time, the condominium property owner must also carry a “master” policy that covers the entire building. While this is similar to insuring an apartment building, it is also different because the master policy only covers certain things. Condo owners must purchase insurance to cover themselves for all that the master condo insurance policy does not cover.

Master Condo Insurance Policies

A condo developer, or the owner of the entire multi-unit building, holds a master condo insurance policy to protect both individual units and any common areas of the condo property. Condominium association fees partially pay for this insurance. It is important that condo owners inquire about the coverage provided by the condominium owner’s master insurance policy so that they can appropriately protect themselves with proper personal insurance for the condo.

There are two types of Master condo insurance policies available:

  • Bare Walls Coverage - With a bare walls condo insurance policy, the condominium developer is only insured for the structure, the bare walls, roof and common areas. This means that all improvements inside each owner’s personal condominium must be insured by specifically on their own.

  • Single Entity Coverage - A single entity policy is an upgraded form of a bare walls policy that covers the structure as well as certain specified non-personal improvements within the unit, such as plumbing, cabinetry, and other fixtures.

Obtaining the Right Condo Insurance

Obtaining the right condominium insurance policy requires knowing which type of policy is carried condominium building owner, what specific items are covered under it, and how much coverage is carried. Individual condo owners can then purchase a policy that provides the coverage that they need for personal items and fixtures inside their unit if the Master policy is only a bare walls policy. Yet it is important to understand that any improvements made to a condo that increases its value above what the Master policy insures must be taken into consideration and additional condo insurance purchased for these improvements.

Whether insuring house or condominium home property, every person needs the right coverage as part of his or her total personal insurance consideration. Condo insurance is different than homeowners insurance, which requires that condo owners work with building owners to obtain sufficient unit coverage. To learn more about best options in condo insurance, contact an insurance agent experienced with condominium insurance today!

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