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.

If it’s your first time buying a condo, you may be shocked at all the various factors and legal issues to consider. Condo ownership and living in a condo can be challenging, so be sure it’s the right decision for you beforehand. Insurance Over Texas serving Houston, TX provides condo insurance to protect against issues like theft, fire damage, vandalism, and other issues. Getting this coverage is vital to ensure that, just in case anything happens, you won’t have to pay for the losses out-of-pocket.

Legal Issues When Buying A Condo

Condominiums are considered a form of community living plan whereby you claim ownership of a certain percentage of the whole property together with other owners. As such, there are some legal issues you need to understand. Buying a condominium is more involving than a single-family home because you need to worry about the specific unit and the condo project as a whole.

Ownership

A condominium is a multifamily residential situation whereby every unit is owned privately by different people. The condo association owns common places like the walkways and parking lot, and the condo and unit owners both take responsibility for these common areas’ expenses.

Contract contingencies

When buying a condo, it’s advisable to review the contract and add some contingencies. This allows you to analyze the condo bylaws, restrictions, balance sheets, and budget. It’ll ensure you have a way out of the purchasing agreement if you opt for it.

Association fee

In most states, you are required to pay a condo association fee in addition to the mortgage payment made every month. It’s important to ask about these fees and their scheduling to accommodate them better in your budget.

When you buy a condo, you get ownership of your unit, but the common areas have joint ownership. It’s important to factor in all the legal issues involved when buying a condo, and Insurance Over Texas in Houston, TX can help with that. You will need an insurance representative to help with the Condo owner’s protection coverage for personal property and premises liability.