Obviously, a condo is one part of a larger building. Many condo owners do not own the entire floor, and they certainly do not own the entire building. When they obtain insurance coverage, they are only covering what happens between those four walls that contain their specific unit. Unfortunately, it is not always quite that simple. There are different ways condo insurance is set up that complicates the matter of responsibility.
Take, for example, a scenario where the building burns down. Who is covering the hallways, the lobby, and anything that is not within the main unit room? The answer to that may be the building owner’s master policy. The master policy can currently dictate that everything within the walls of the unit is the responsibility of the unit owner. But, does that include items provided by the condominium owner? What about granite countertops that are built into the building and repair before the owner bought the unit?
The Online Condo Insurance will want to know who is responsible for those large items that were first provided by the condominium owners. It could also include furnishings. There’s another complication that muddies the coverage. There’s something known as a Condominium Association fee. The bylaws dictate that specific condo owners pay an association that goes towards the overall building insurance. This may state that every unit owner has a small stake in the building as a whole. If the building does, in fact, burn down, a specific unit owner may obtain payment for their unit as well as a part of the rest of the building.
In all, there are two types of overall Insurance Offices Texas coverage in a condo. The first type draws a very straight line between what is within the unit and what is outside the unit. Different insurance companies are responsible for completely different areas. The other type may blur this line, and include condominium associations and part responsibility for the building as a whole.
The master policy for the whole condominium is an essential component in finding affordable Online Condo Insurance. Use that document as a basis to find quotes that are suitable for the condo.
