Do I Need Condo Insurance in McKinney, TX?
You’re most likely aware of regulations that require vehicle owners to have car insurance. For everyone who has a mortgage, homeowner’s insurance is also mandatory. Even after your mortgage is up, it’s recommended that you retain coverage. On the other hand, renter’s insurance, which includes condo insurance, is not typically mandatory. When you apply for a mortgage, whether for a home or condo, the lender requires insurance on the property. This requirement is in place to protect the bank. To sum up: insurance is mandatory unless you own the place outright.
Condo Insurance Coverage
There are three main portions of condo insurance coverage: dwelling, personal liability, and personal property. Dwelling insurance covers the inner structure of the whole unit. For example, holes in the walls, broken fixtures, and whatnot.
Personal property and personal liability insurance focus on the individual renting the property. Personal liability offers financial protection against those who may harm another. For example, if a friend trips on a rug in your condo, then you’re covered for any of their injuries for which you are liable.
On the other hand, personal property insurance is quite self-explanatory. Up to a certain amount, it protects your goods, including furniture, appliances, and electronics.
Do You Need It?
The short answer: yes. If you’re renting or buying a condo in McKinney, TX, it’s best to have insurance coverage in place. It’s better to have protection for your goods, the property itself, and visitors. Should something go wrong, you may be liable for the full costs associated with injuries or broken items. Coverage gives you a buffer. You’re protected up a certain financial amount.
If you’re in need of condo insurance, contact Mauceri Bynum Insurance by calling 214-733-8400. We’re happy to discuss coverage options that will benefit you and your new condo!