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.
Energy efficiency is a great way to save money on your monthly bills and help the environment at the same time. Making your San Antonio, TX area condo more energy-efficient can be as simple as changing a few habits or making a small investment in energy-efficient home appliances and fixtures. Here are a few tips from us at Ellis Insurance Agency to get you started.
Tips to make your condo more energy efficient
1. Install LED light bulbs, which use less energy than traditional incandescent light bulbs. Not only do LED lights last up to 25 times longer, but they also save around 75 percent of the electricity used by traditional incandescent bulbs.
2. Invest in energy-efficient windows and doors. These products will help keep air from escaping or entering your home, which will reduce energy costs. Additionally, if you opt for double-paned windows, you’ll have better temperature control throughout the year.
3. Make sure all of your appliances are ENERGY STAR certified. This certification indicates that an appliance has been tested for energy efficiency and meets certain criteria set forth by the US Environmental Protection Agency (EPA).
4. Use power strips to control electricity flow in your condo and switch them off when not in use. Doing so will prevent any electronics from drawing unnecessary power (known as “phantom loads”), which will help you save money on your electric bill each month!
Give Us A Call
By following these tips, you can start making your condo more energy-efficient today! For more energy-saving tips, or if you want to review your insurance policy, give us at Ellis Insurance Agency a call today. We are proud to serve the San Antonio, TX area and would be happy to help you find a policy that meets your needs and your budget.
If you’re renting a condo, the answer to this question is yes – you do need insurance. Although your landlord may have insurance that covers the property, this does not mean that your belongings are protected.
If something happens to your home or possessions while you’re renting, you’ll be responsible for the costs yourself if you don’t have insurance. Here we discuss why it’s important to get insurance when renting a condo and how it can protect you in an emergency.
What’s Condo Insurance?
Condo insurance is a unique type of homeowners insurance specifically designed for condominium owners. Unlike traditional homeowners insurance, condo insurance covers the interior of your unit as well as any common areas owned by the condominium association. Condo insurance also provides liability coverage in the event that someone is injured while in your unit.
Why Do I Need Condo Insurance if I am Renting?
You may think that your landlord’s insurance will cover any damages to your belongings or the unit itself, but this is not always the case.
Even if you’re renting, it’s important to have your own condo insurance policy in place. This type of insurance can help to protect your personal belongings in the event of a fire, theft, or other covered peril.
Condo insurance can also provide coverage if you accidentally damage someone else’s property while living in the unit. If you do not have your own policy, you could be held responsible for paying for the repairs out of your pocket. This makes it essential to get a policy from a professional company such as Ellis Insurance Agency in San Antonio, TX.
Get Coverage For Your Condo
It’s important to get insurance when renting a condo. Condo insurance can protect your belongings in the event of damage or theft, and it can also provide liability coverage in case someone is injured while on your property. Now that you know how much you need a condo insurance policy, Ellis Insurance Agency in San Antonio, TX can help you find the right coverage for your needs. Give us a call today to learn more.
Condo owners have the luxury of having the outside of their home and community areas covered under their condo association’s insurance policy. However, not everything in a condo community is covered by the master HOA insurance plan. As a condo owner in San Antonio, TX, you need to purchase additional insurance to cover things your condo association does not cover.
So what exactly does my condo association’s master insurance policy cover? Would you please continue reading to learn more and then call our agents at Ellis Insurance Agency to discuss your condo insurance coverage options?
Condo Insurance vs. Condo Association Insurance
Your condo insurance covers your needs and what directly impacts you as an owner of a condo unit. The condo association insurance typically covers all common areas of the building and property and some protection of the interior structure, depending on their policy and building design.
What is Covered by Your Condo’s Master Insurance Policy?
Regardless of the policy your condo association carries, you can expect most HOA’s insurance to cover the following:
- The exterior of the condominium building
- Common areas, including exercise rooms, swimming pools, lobbies, outdoor pavilions, etc.
- The land around the building
What is Not Covered by Your Condo Association’s Master Insurance Policy?
When purchasing your condo insurance, check with your HOA to learn more about the condo association’s level of structural insurance protection. In most cases, the master insurance policy protects the outside walls up to the inside border of your unit. Additionally, your condo association’s master insurance policy does not cover your personal belongings, anything damaged inside your unit and does not protect you against liability claims in your unit.
With questions about their condo association’s master insurance policy, condo owners in San Antonio, TX, should reach out to the experts at Ellis Insurance Agency for assistance.