Updates and Renovations: Impact on Condo Insurance

Understanding Implications of Condo Renovations on Your Insurance in Dallas, TX

Are you in the process of updating or renovating your condo and uncertain about how this will affect your insurance? At Presley Insurance Group, serving Dallas, TX, and the surrounding neighborhoods, we understand this can be exciting and overwhelming. Such changes can significantly affect your property, emphasizing the importance of considering the potential long-term effects on your insurance coverage.

Navigating Insurance Adjustments After Renovations

Updating parts of your condo, such as the kitchen and bathroom, or expanding your space to enhance its feel may increase your property’s value. In turn, checking how this will impact your insurance coverage becomes vital. When filing another claim, you don’t want unexpected surprises that could lead to financial issues or complications.

Busting Common Misconceptions and Oversights

As condo owners, it’s easy to assume that your association will cover certain renovations. However, usually, the association only covers the exterior and common areas. The responsibility for the interior of your condo rests with the condo owner. Avoiding surprising revelations requires crucial groundwork on your part, such as meticulously checking your insurance when planning condo updates or renovations.

Ready to Update Your Policy?

Whether you’ve recently renovated your condo or plan to, let Presley Insurance Group assist you in tailoring your insurance to match your revamped living space. Serving Dallas, TX, and surrounding areas, we’re dedicated to providing the information and support you need to make informed insurance decisions. Contact us today to review your current policy and ensure your home is fully protected.

How Condo Insurance Works

If you own a condo, you own your own home and need to do everything you can to protect it. Your condo board and your lender likely both require that you have this insurance. Without it, you would be extremely financially vulnerable. Condo insurance is highly similar to home insurance, but there are a number of differences between them as well. When you own a condo and need a condo policy, give us a call at Presley Insurance Group in Dallas, TX to find out more. 

Dwelling Protection

One of the main differences between home insurance and condo insurance is that condo coverage doesn’t cover the entire dwelling. It will only cover the areas that you actually own. The outside portion of the outer walls is owned by the condo board rather than you. Depending on your contract, you may own the inside of those walls, or your ownership may end at the inside of those walls. Your condo insurance will take into account the areas that you own and cover them all. If a damaging event occurs, the insurance will pay for the damages that need to be repaired. 

Protection of Possessions

Like home insurance, condo insurance also covers the items that you own in your home. If those possessions were to be ruined in a covered event, the policy could pay for them all to be replaced. This is important coverage when you think about the value of everything in your home. With condo insurance, you won’t have to begin again with nothing after a serious event happens. You can get back on your feet far more quickly with this coverage. 

Get Condo Insurance

Owning a condo is a great way to own your own home. If you have a condo, make sure to protect it with insurance. To get a policy, call us at Presley Insurance Group in Dallas, TX.

Three things that might surprise you about condo insurance

Condo owners need to be well informed about what condo insurance is and how it works. Condo owners in Dallas, TX can rely on us at Presley Insurance Group to meet their coverage needs.

The following are three things that might surprise you about condo insurance:

The master policy of your condo facility won’t cover you for accidents that take place in your individual unit. 

While the master policy of a condo association does offer coverage to the building itself and any common areas, this policy won’t cover issues within your unit. This means that the master policy won’t provide liability coverage for you if an accident happens within your unit.

Condo insurance won’t include flood or earthquake damage.

If you want to have flood and earthquake damage coverage for your condo, you will have to purchase separate policies for these types of coverage or purchase added coverage for earthquakes and floods on your condo insurance policy.

You cannot expect a standard condo insurance policy to cover you for flood and earthquake damage.  

Your individual condo insurance policy can cover the value of personal possessions within your unit. 

One of the best things about having condo insurance is that the value of your possessions will be protected.

If an accident happens in your condo building and your belongings are damaged or destroyed, you will be compensated for their value up to a certain amount by your condo insurance policy. 

Give Us A Call

Let us help you to cover your condo in Dallas, TX. At Presley Insurance Group, we’ll be happy to come to your assistance by offering you quotes on a condo insurance policy that will meet your needs. 

What Does Condo Insurance Cover?

You might think that your condominium association’s insurance policy covers everything, but that’s not always the case. While your condo association’s insurance policy covers the building itself, it typically doesn’t cover the contents of your unit. That’s where condo insurance comes in.

Here are some tips from the Presley Insurance Group in Dallas, TX on what condo insurance does and doesn’t cover.

What Does Condo Insurance Cover?

Condo insurance, also known as HO-6 insurance, is a type of insurance designed specifically for condominium owners. Just like homeowners insurance, condo insurance covers your personal property in the event of damage or theft. In addition, it also provides liability coverage in the event that someone is injured while on your property. Most importantly, condo insurance bridges the gap between what your condominium association’s policy covers and what it doesn’t. If you own a condominium, condo insurance is an important way to protect your investment.

What Does Condo Insurance Not Cover?

Even though condo insurance is designed to protect you and your personal belongings, there are certain things that it doesn’t cover. For example, most policies will not cover damage caused by flooding or earthquakes. If you use your condominium for business purposes, your personal condo policy will not cover any business-related losses or liabilities. In addition, any damage that is caused by your negligence (e.g., a fire that you started) will not be covered by your condo insurance policy. This is why it’s so important to read your policy carefully and make sure you understand what is and isn’t covered.

Contact Us Today

If you own a condominium, it’s important to have a condo insurance policy in place to protect yourself and your belongings. While your condominium association’s policy covers the building itself, it typically doesn’t cover the contents of your unit. That’s where condo insurance comes in. Be sure to work with a reputable insurance agency like Presley Insurance Group in Dallas, TX to find the right policy for you.

How does condo insurance differ from other types of home insurance?

When you visit Presley Insurance Group to insure your Dallas, TX condo, you’ll learn that condo insurance differs from the other seven types of home insurance.

Condo insurance provides what the insurance industry refers to as “walls, in coverage,” which means that it insures the interior walls of your condominium and everything inside of it. Your condo policy covers your TV, computer, kitchen cabinets, toilet, clothes, shoes, etc. The condo policy provides property damage coverage and structural damage coverage.

You also get liability coverage with your condo insurance. Your condo policy covers their medical costs if your friend falls while getting out of your shower and breaks their arm.

So far, this probably sounds just like homeowners’ insurance or perhaps close to renters’ insurance. The latter would not cover physical damage to your domicile, though. It would only pay to replace the contents of your domicile. Homeowners’ insurance would also cover liability damage outside your domicile, and condo insurance does not do that.

If your friend fell by the pool outside your condo but within the confines of the condo complex, your complex’s liability policy would cover their injury. That’s a “walls, out coverage.” Once outside your condo’s front or back door and on another person or organization’s property, their insurance covers the injury.

Your condo policy covers if your buddy’s computer got stolen from inside your condo. If their computer got stolen while the two of you were using the complex’s business center, the condo complex’s insurance policy covers the loss.

While your condo policy does qualify as one of the eight types of home insurance, it does not cover all of the same items that a homeowners’ insurance policy does. Contact Presley Insurance Group serving Dallas, TX to insure your condo, so you can protect your domicile and all that you keep in it, plus the individuals who visit it.

What Condo Insurance in Texas Offers Homeowners

Do you own a condo in Dallas, TX? While it may be different than owning a single-family home, it can often be more confusing because of HOA involvement and what it covers vs. what homeowners do. 

If you aren’t sure what insurance policy is best for your condo, Presley Insurance Group can clear up some of the confusion for you. We have agents who specialize in condo insurance and can answer your questions and help you feel more empowered by your insurance selection. 

While your condo insurance may cover things like the unit itself, and your personal property within the condo, there is more gray area when it comes to the landscaping, your driveway, and even the exterior of the building. 

Just like homeowner’s insurance, condo insurance typically covers you in the event of damage to the home or if your belongings are stolen. Purchasing a condo is a very wise investment decision, regardless of your age or what phase of life you are in. Whether you intend to live there for the foreseeable future, flip it, or rent it out, maintaining condo insurance as long as you are the owner is essential. 

Think about any investment you’ve made in your life. It’s a heightened risk to make investments in property, so you should take the necessary steps to ensure your most valuable possessions are covered and well cared for. Condo insurance in Dallas, TX will give you peace of mind and comfort in the fact that whatever happens, your home and personal property are protected. 

If you need condo insurance but aren’t sure where to start, or what kind of coverage is best, contact the experts at Presley Insurance Group. We can help you make the right choice. 

Do I need condo insurance in Dallas?

When someone is moving to the Dallas, TX area, they will have many important decisions to make. One choice that they will have to make is around where to live. For those in the Dallas area, buying a condo is often a good investment as it comes with various advantages and amenities. Along with buying a condo, you also need to choose a new insurance plan. You will need this insurance coverage for a few reasons. 

Lenders require coverage

A widespread reason people in Texas will need to have a condo insurance plan is their lenders. When you purchase a condo, taking out a financing with a mortgage is a good option. If you get a loan, the mortgage lender will require that you maintain condo insurance until you have repaid the loan.

Coverage is an Association Requirement

You will also need to have a condo insurance plan because your condo association will require it. Most condo owners will live in a larger condo association community. While there are benefits of living in one, there are rules as well. One rule you will need to follow is to get a proper condo insurance plan. 

Those that would like to buy a condo when they are in the Dallas, TX area need to ensure that they get proper insurance coverage at all times. If you are interested in getting a condo insurance plan in this area, calling the Presley Insurance Group is a good option. The insurance professionals with the Presley Insurance Group understand the importance of having this coverage. We can give you the support you need to evaluate your options better and get into a quality policy. 

Should I do an inventory of my condo?

Buying a condo in Dallas, TX is something many people aspire to. Dallas is a great place to call home, and condos are a popular way to enter the hot Dallas home market. No one likes to think of anything terrible happening to their home, but bad things do happen, and chances are pretty good at some point you will make a claim against your condo policy. That is why you should do an inventory of your condo. For those who live in Dallas, TX, or the surrounding area, the experienced staff at Presley Insurance Group can help make sure you have the right insurance for you and your condo. 

If a covered hazard strikes your condo, it could be destroyed. Imagine trying to remember what you had before a fire destroyed everything. It is much harder than you might imagine with nothing but ashes to remind you. A tornado leaves a similar level of devastation. 

A condo inventory is a listing of all your personal possessions. You can do it the old fashioned way with a pad and pen, or you can do a more virtual inventory. If you decide to make a physical list, you can and should still add pictures of all of your rooms and, in particular, any high price items. Be as specific as possible. Include brand names, date purchased, model number, and serial numbers. The more details, the better and attach any receipts you might have. Go into every nook and cranny of your condo and record what you find. 

When you are done, place the inventory in a safe place where you can easily access it if you ever need it. At the Presley Insurance Group in Dallas, TX, we strive to give the best possible service to all of our customers. To discuss your condo insurance needs, give us a call or stop by our office to talk to one of our team.