One thing every Austin condominium owner should know is that the homeowner association’s master insurance policy does not protect you, just the structural building. The master policy is a commercial policy that provides coverage to the building and common areas, with the exception of the individual units. There is an unmistakable need for you to protect your losses.
Even the structural elements of the individual units covered in the master policy depends on what type of master insurance policy your building has:
• All-In Policy – the better of the two provides coverage for installation of your condo and fixtures (kitchen/bath fixtures, flooring, lighting, countertops, plumbing, etc.).
• Bare Walls-In Policy – covers from the exterior wall into the studs. This excludes coverage for installations or fixtures mentioned above.
This is where your condo-owner insurance policy comes in, often referred to as an HO-6. The personal residential insurance is to bridge the gaps that the master policy leaves, like personal property, personal liability and loss assessment.
Call us anytime! We’re happy to explain the different coverages for personal condominium insurance and what works best for you, at the best price.