When you purchase a condominium in Coppell, Texas, you are purchasing a unit within a building, not an entire building. As a homeowner, you own the entire house and any other physical structures that are on your property. Condominium associations are responsible for insuring the physical property, and that includes most of the building(s.) Although you may not be paying the insurance on the physical condominium property, the monthly condo fees you pay (in addition to your mortgage,) will include your portion of the condominium association’s home insurance policy.
Insuring the Primary Dwelling
The primary dwelling typically refers to the physical structure that people live in. Condo associations will be responsible for insuring most of the physical structure, but there may be specifications that though typical of a condo policy, are vastly different from what you could expect to find in a home insurance policy. The condo association may insure the wall studs of your condo outward. This means that you’re responsible for everything from the wall studs all the way into the condominium.
Insuring Your Personal Property
As your independent agent in Coppell, Texas, we can help you find the appropriate home insurance policy for your condominium. You may be responsible for insuring everything from the wall studs to the inside of the unit. Most homeowner’s insurance policies include anything that is built into the house such as kitchen cabinets, built-in bookshelves, closet shelving, etc. Your condo policy will not include those things, so we would advise you to insure your personal property for a higher dollar amount.
In almost all other aspects, your condo insurance will have most of the same provisions that existed in your home insurance policy. You will have loss of use protection, and your condo insurance will pay medical payments to others who may be injured in your condo. Talk to your independent agent in Coppell, Texas to get more information about a home insurance policy to fit your specific needs.
