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There are a few different condo insurance policies in Arlington, TX that you can choose from. Each type has its own benefits and drawbacks, so choosing the right one for your needs is essential. Here’s a look at the different types of condo insurance:
Single-Unit Policies
These policies only cover one unit in a condominium complex. If you live in a single-unit condo, you’ll need this policy. Single-unit policies typically have lower premiums than other types of condo insurance.
Multi-Unit Policies
Multi-unit policies may have higher premiums than single-unit policies. These policies cover more than one unit in a condominium complex. If you live in a multi-unit condo, you’ll need this type of policy. Your Rickey McGill Insurance Agency representative can help you determine the right policy for your needs.
Master Policies
A master policy is insurance that covers the entire condominium complex. Master policies typically have higher premiums than other types of condo insurance. If you live in a condo with a master policy, you may not need to purchase an individual policy.
Which Policy is Right for You?
As a single-unit owner, you’ll typically pay your dues to the condo association and have them purchase a master policy. But, you’ll still need to get your single-unit policy to cover your personal belongings and liability.
Multi-unit owners will also pay dues to their condo association, but they’ll need a multi-unit policy and the master policy. This type of policy covers your personal belongings and liability.
No matter which type of policy you choose, make sure you work with a reputable insurance agency, like Rickey McGill Insurance Agency, to get the coverage you need.
