When you live in a condo, your insurance needs are unique. The complexities of who covers what get confusing. Mauceri-Bynum Insurance Agency in McKinney assists you by explaining everything your condo insurance policy covers. Your condo insurance policy covers your personal property and liability, as well as any additions, alterations, and improvements you make to your unit that are your responsibility based on your particular condo association agreement.Contact Our Team Quote Yourself
The best way to determine how much condo insurance will cost is to talk with an experienced agent at Mauceri-Bynum Insurance who can assist you. After discussing your particular needs and your HOA or condo association agreement, we can provide you with condo insurance quotes so you can make the best decision for your family.
Ideally, condo insurance provides coverage for your personal property and whatever your condo association’s policy would not cover. Your condo insurance policy also protects you and your family members against bodily injury or property damage liability claims and any litigation that may result subject to the limits you select. You can also choose medical payments coverage, which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available.
The type of McKinney condo insurance policy you choose will depend on what type of HOA or condo association master policy your building provides. There are two master policies: an “all-in” master policy that covers appliances, wiring, plumbing, and carpeting but will not cover your personal possessions. There is also a “bare walls in” master policy that doesn’t include anything contained within your walls. This can include plumbing and wiring. To determine what level of condo insurance you will need, thoroughly read your condo association’s policy and what they provide.
There are several additional policies you can add to expand the scope of your condo insurance policy. Optional loss assessment coverage is available to protect you against certain assessments that may be levied by the association. You would be compensated for additional living expenses incurred should you need to vacate your condo after a covered loss. For a few more dollars, you can elect to carry “Full Value Personal Property” coverage, which makes sure you are reimbursed full replacement value without regard for depreciation after a covered loss. Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments. We can help you determine your coverage needs to make sure you’re properly covered.
Many condo owners in McKinney mistakenly believe they are completely covered by their condo association’s master insurance policy. Unfortunately, many people do not check the fine print of the policy until after disaster strikes. Condo association coverage often only covers the exterior of the building, not the interior. To recover from interior damage, you need a condo insurance policy.
If you have upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments. Be sure to consult your HOA agreement to determine what the association policy covers and what you are responsible for. If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy.
Many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. If you have special valuable items such as jewelry, art, antiques, or collectibles, ask about our Valuable Articles Coverage, which provides more extensive coverage and no deductible in the event of a covered loss.