Condominiums are becoming an increasing popular accommodation option, with the fresh space, amenities, and shared living providing an affordable, yet comfortable space. However, when it comes to taking responsibility for when something goes wrong, there is often confusion as to who the onus of maintenance rests upon- the condo association or owner or the resident? While the terms of insurance for condominiums in and around Austin vary depending on various factors, the association’s general insurance policy is usually limited to the building’s structure, common areas, the property, and the grounds.
However, the protection of your personal belongings is your responsibility, making condo insurance an option worth considering. A personal condo insurance policy could be a better option than home insurance for you in this case. Shawn Camp Insurance, based in Austin, a leading insurance company in the region, provides a variety of customizable options for customers looking for condo insurance. You could choose to further expand your condo insurance by including upgrades that you have made in the building during your stay there, as well as your personal liability.
Deciding how much coverage you need in your condo insurance for personal belongings could be tricky. An easy way to figure that out is to itemize all your personal belongings, such as electronics, jewelry, clothes, furniture, etc., and draw an estimate of how much it would cost you if you were to repurchase all these items. You could then choose between having these personal assets insured against a specified list of common perils, such as fire, lightning, vandalism, windstorm, hail, falling objects, etc.; or if you would like a comprehensive plan that covered every possible incident that could occur. If you have any items that are of exceptionally high value, it is advisable to have them scheduled separately in your policy for added protection.
It is advisable to keep photographs or video recordings of your personal belongings, along with any serial numbers listed on them, at a separate place, safely. This would help to make the process of receiving claims in case of an incident a lot easier than it would be without visual proof. Also, make sure that you carry out an update of your personal inventory whenever you add something new to your belongings. Getting condo insurance not only protects your personal belongings, but it also ensures liability coverage if someone is injured on the property, along with covering damage to any additions made in the condo structure, and ensuring clean-up following a disaster.
