What types of coverage does condo insurance provide?

Condos are increasing in popularity as the population ages, and people just don’t want to do a lot of home maintenance. It offers homeownership without work. At Frederick Insurance in Austin, TX, we are an independent insurance agency that provides personalized customer service to our customers. We will make sure you understand all the coverage you get from your condo insurance. 

Condo Coverage Options

Property coverage

Property coverage for a condo is not quite the same as it is for a freestanding home. With a condo, the Condo Association holds a policy that protects the exterior of the building and common areas. You may have walls in coverage or all-in coverage. Determine that before you get your condo insurance. You will be responsible for things inside your unit. Your personal things are covered by content insurance. 

Content coverage

Content insurance covers your personal items, electronics, moveable appliances, furniture, clothes, decor, and more. You have two options for how you will cover it. You can cover it for what it is worth, which takes depreciation into account, or you can get replacement cost which will replace it at today’s cost. Making a home inventory will allow you to determine which things you really want to replace. 

Liability coverage

All liability on the exterior of the building is covered by the condo association. What you are responsible for is an injury in the interior of the building or by a member of your family. 

Loss of use

When your condo unit is damaged by a covered hazard, you may have to find another place to stay for an extended period. Loss of use insurance will help with this and give you a roof over your head until you can move back home. 

Reach Out To Us

At Frederick Insurance in Austin, TX, we are ready to provide the service and insurance our customers need.