Condominium Insurance

One can hardly miss the dramatic changes the Austin Skyline has seen in the last 5 years.  Most, if not all, of the towering buildings erected in that time have been condominium projects.  Developers must have done their homework and decided more people are going to be moving to these types of developments, rather than the traditional single family home.  I wonder if those moving to these developments understand the different insurance needs they will have. 

With a condominium, the condo association purchases a master policy that covers your unit’s building, common areas and the unit owners’ collective liability.  However, this policy does not provide protection for the following:

  • Your personal belongings in and around the unit
  • Your personal liability in the event of a lawsuit
  • Your improvements to your unit
  • Additional living expenses if you have to move out during repairs

Some additional options for you to consider:

  • Personal Articles – your high valued items, such as jewelry, furs and collectibles
  • Loss Assessment Coverage – pays your share of an assessment charged against all unit owners after a covered loss under the association master insurance policy

Another concern is how a condo association defines what property is the association’s and what property is a unit owner’s.  The condo by-laws and condo association declarations will spell out, in great detail, what each party is responsible for.  These documents can be confusing and difficult to understand, and you will need some help to make sure that, when you buy your own insurance, you are protecting all you own in your new unit.  Your Trusted Advisor, like those at Texas Associates Insurors, can help you navigate this dangerous area and help protect your investment.

If you’re thinking about owning a piece of the new Austin Skyline, call our office first so we can discuss solutions to the personal risks you may face.

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