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Christian Insurance Agency

710 Melton St
Magnolia, TX 77354

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Condo Insurance: Is It Required?

If you have a condo in Magnolia, TX, understanding what condo insurance is and whether it’s required is important. Many condo owners believe that the master policy provided by their homeowner’s association provides the coverage they need when disaster strikes. However, this is typically not the case and individual policies may even be required by the HOA.

In most situations, the master policy provided by the HOA only covers the common areas and the structures themselves, leaving your personal property unprotected. Fortunately, here at Christian Insurance Agency, we work hard to help condo owners just like you find the right insurance coverage so you have the protection you deserve.

When Condo Insurance May Be Required

Whether you’re legally required to have condo insurance depends upon the rules and regulations that your HOA or mortgage lender has in place. Generally speaking, if you’re paying on a mortgage for your condo, the lender will require you to have a policy in place to ensure that their investment is protected. When it comes to an HOA, the specific rules about individual insurance policies will vary from association to association, just like other regulations.

Why It’s Smart to Have Condo Insurance

Say your condo has been paid for in full, has no liens against it, and the HOA does not require you to have insurance on your condo. In this situation, you may feel that having a policy is an unnecessary expense. However, your belongings, such as your furniture, electronics, clothing, and other valuables, will need to be replaced out-of-pocket in the event of a fire, flood, or other disaster.

If you would like to rest easy knowing that your personal belongings are protected should the worst happen, contact the team at Christian Insurance Agency today. We can help you make sure that you have the coverage you need for your Magnolia, TX condo.