When you purchase a condo, whether it is your first home or forever home, it is a major investment. The laws of the state of Alabama do not require that you have condo insurance but if you have a mortgage your lender most likely will. In addition to the insurance that you carry on your unit, the condominium association where you live is required to carry insurance. If you are not sure what you need or want to have for condo insurance in Tuscaloosa, AL, TCU Agency has staff who are trained to answer your questions.
The master policy is held by your condo association. It covers the exterior of the building and common walls between units. It also has liability coverage for the common areas such as sidewalks, parking lot and pool area. You should ask for and read a copy of the coverage since this is protecting your investment as well as everyone else’s.
The unit policy is your personal coverage, It covers the interior walls, your personal property including furniture, appliances, and electronics. Some of the hazards it covers are fire, theft, and vandalism. Additionally, it will provide you with the money to find another place to stay if your condo is damaged and is uninhabitable. Liability is an important part of your coverage. If someone is injured while visiting your condo or if your pet or yourself injures someone away from home you are protected.
Generally speaking, condo insurance is similar to a basic home insurance policy. How much coverage you need depends on the value of your condo and your personal property. Our helpful staff at TCU Agency in Tuscaloosa, AL are there to answer any questions you may have. Give us a call or stop by our office, you will be glad you did.