Like home insurance, condo insurance is purchased by anyone who owns a condominium and helps pay for damages to you, your unit, and your belongings. Typically, condo insurance consists of the following four main components:

• Personal Liability Coverage: If a third party is injured while visiting your condominium and you are legally deemed to be at fault, this coverage will pay for the medical expenses and legal fees associated with the accident.
• Guest Medical Coverage: If you are not at fault, but someone is injured while at your unit, guest medical coverage can be used to pay for their medical expenses.
• Building Property Protection: With a condo, you are only responsible for damage to the walls of your unit and the interior. This type of coverage pays for repairs to the walls and interior, such as fixtures, doors, etc.
• Personal Property Coverage: If your furniture, electronics, or other personal belongings are damaged in a covered incident, then personal property coverage will help you repair or replace the items.

In addition to your condo insurance policy, your condo association will also have an insurance policy that helps pay for repairs and covers damages to the common areas of the building. Your monthly, quarterly, or yearly condo fees will help defray the cost of this policy from the condo association. 

Whether you are a first-time condo owner or shopping for a new condo insurance policy, the team at Insurance Over Texas is ready to help. We’ll walk you through the various components of condo insurance policies and help you make informed decisions. When you are prepared to obtain more information, give us a call or stop by our conveniently located office in Houston, TX.