When you own a condo, there are a lot of things that can happen to it. You need condo insurance to protect the investment you’ve made in your home and your belongings. If you’re like most condo owners, this insurance is required for you. It’s likely required by at least two entities, so it needs to be in place as soon as you buy your condo. When you need to get a condo policy, call us at Ellis Insurance Agency in San Antonio, TX.
Your Mortgage Lender
When you get a mortgage for your condo, the mortgage company will require that you have condo insurance for your new home. It’s important to them that you have this coverage because it covers the investment that they’re making in the property. If you didn’t have condo insurance and the home was damaged or destroyed, you may be unable to get it repaired because of the cost. This would mean they own a damaged property that you may abandon because of the damage. This would cost them a lot for repairs or rebuilding.
Your Condo Board
Because your condo is a part of a larger building, the condo board will also require you to have condo insurance for your property. This will prevent a damaged condo from staying damaged and bringing down the rest of the building. They will want to know that the funds will be available for repairs if they’re needed. With condo insurance, repair funds will be there after a covered event causes damage to your condo.
Get Condo Insurance Today
It’s generally required for condo owners to have this coverage. But even if it isn’t, you need this insurance to protect yourself financially. To get started with a condo policy, call us at Ellis Insurance Agency in San Antonio, TX.