Condo Insurance in Texas

Condominiums are becoming a very popular housing option in such cities as Austin, TX. They offer a metropolitan lifestyle while living in a spacious urban setting. Many individuals and families are trading their suburban homes for a downtown condo. Armadillo Insurance Agency can assist new condo owners with understanding the complexity of condo insurance policies.

What is Inside a Texas Condo Insurance Policy

The state of Texas requires all condo associations to have some form of insurance that covers the inside property of each unit and the common area between the structures. Some of the items that fall under this category include flooring, furniture, clothing, jewelry, and electrical equipment.

Often, a standard condo association agreement is complicated to decipher. Still, all new owners need to understand that the insurance coverage provided is limited, and they must confirm if the agreement includes liability coverage. You may be surprised to find out that any improvement for the betterment of the condo itself is often not covered by the policy. Thus, it's wise to consider purchasing additional condo insurance to protect your investment and other vital assets.

The Importance of Additional Liability Coverage

Condo owners are learning the importance of gaining more liability coverage on their condo insurance policy to protect themselves from financial ruin. In most cases, it's protection against an individual from claiming negligence against you after sustaining an injury or personal property damage inside your condo. The liability coverage protects you from losing your savings in any potential claim of this nature. In addition to covering the award settlement amount, the liability coverage will pay for attorney fees and court costs, even if the lawsuit is ruled frivolous by the judge.

Condo insurance is a complicated purchase, so don't avoid learning more about this subject. Speak with a staff member from Armadillo Insurance Agency in Austin, TX, as they can fill in the gaps. Our experts can design a personal condo insurance policy that covers all of your concerns and needs as an owner.