Understanding Condo Insurance

It’s essential for condo unit owners in Richardson, TX to understand how condo insurance policies work. While the condo association may have a master policy, these typically do not provide protection for your stuff.

Condo Insurance for Unit Owners

At Eichelmann Insurance Agency we know you work hard for all the things that make up your home. We take your protection very seriously and want to provide you with the best coverage for your situation.  The first step in protecting yourself and your condo is to understand what type of master policy your association has. There are two main kinds of coverage they may have:

  • The condo association “all-in” master policy: Will not provide coverage for the fixtures in your condos like appliances, plumbing, wiring, and carpets, but will not cover your belongings. Is also known as a “single-unit” master policy.

  • The condo association “bare walls-in” master policy: Will not provide coverage for anything inside of your unit. Your condo’s electrical systems and plumbing may or may not be covered as well.

With either type of policy, you will need your own condo policy. But you will need to thoroughly examine the association’s master policy to decide how much additional coverage is necessary. While the master policy will cover damage to the condo building or the grounds, in the event of a burglary or a fire, your condo policy will provide coverage for your stuff.

Final Thoughts

Understanding what coverages the master policy provides and what coverage you need can be confusing. If you are a resident of Richardson, TX and need guidance on the type of condo insurance you need, contact the insurance experts at Eichelmann Insurance agency. They are ready to help you make a well-informed decision.