While you may pay for a master policy held by your condo association, this is not enough insurance. That is because a master policy only covers the building and the common area but does not provide protection for the inside.
Why You Cannot Go Without Your Own Coverage
For example, if you don’t have condo insurance in The Woodlands, TX and your building burns down, the master policy will cover the building of a new condo. However, you will be responsible for the inside fixtures, fittings, and drywall. If you have the insurance, the policy will pay for carpeting, fittings for lights, and similar interior installations.
Condo insurance also extends to liability coverage. If someone slips and falls in the common area, the master policy will usually take care of the claim. However, if a visitor falls inside your home, you are responsible for the victim’s medical costs.
Maybe a grandchild tosses a ball and breaks a window in your condo. If so, the condo association will sue you for the damage done to the common area. You will definitely need condo insurance for any claims or injuries that happen inside your dwelling.
Get Coverage for Theft, Vandalism, or Water Damage
Also, the master policy will not cover incidents such as theft, vandalism, or water damage from leaky pipes. An electrical or kitchen fire that leads to damage to your personal belongings and furniture will not be covered unless you take out your own condo policy.
Would you like to know more about buying personal condo coverage? If so, check with Infiniti Insurance Services Inc. about your options in this respect. If you live in a condo, you need to buy a condo policy to cover the items inside in your condo or prevent you from paying out of your own pocket in the case of a lawsuit. You can also connect them on Facebook.
