What Is Condo Insurance and Why Do I need It?

Condo owners, like homeowners, must carry insurance too. However, the insurance designed for condos is designed for the specific needs of condo owners and has some distinct differenced from homeowner’s insurance. Because condos are physically different from single-family homes, condo insurance is designed to cover these unique differences. However, although many things are covered under condo insurance, some areas aren’t. 

What Is Condo Insurance?

Condo insurance or H06 insurance is designed to cover the interior of the condo owner’s home. Condo insurance is designed to cover the walls, floors, and the overall interior structure of the condo. It is also designed to cover your possessions, the possessions of others, vandalism, theft, and damage from fire. It also protects from lawsuits and liability. Condo owners usually pay condo fees that cover the external areas of the condo like the pool, hallways, and other common areas. Pound Insurance of Garland, TX is committed to helping condo owners understand how this insurance works and guide the process of selecting the best coverage limits to meet their specific needs. An insurance representative will also cover what it does and doesn’t cover. 

What Isn’t Covered by Condo Insurance?

Although condo insurance covers many things for condo owners, some things aren’t covered. Like many insurance policies, condo insurance doesn’t cover damage caused by earthquakes or flooding. You would need to purchase separate insurance to cover these things. Condo insurance coverage excludes appliances, renovations, alterations, and other types of property or changes that weren’t a part of the original interior of the unit. If you have concerns that cover parts of your condo like ass on alterations or appliances, discuss these concerns with an insurance agent. Give us a call. We look forward to answering your questions about condo insurance and how it can benefit you. 

What Is Condo Insurance and Why Do I need It?

Condo owners, like homeowners, must carry insurance too. However, the insurance designed for condos is designed for the specific needs of condo owners and has some distinct differenced from homeowner’s insurance. Because condos are physically different from single-family homes, condo insurance is designed to cover these unique differences. However, although many things are covered under condo insurance, some areas aren’t. 

What Is Condo Insurance?

Condo insurance or H06 insurance is designed to cover the interior of the condo owner’s home. Condo insurance is designed to cover the walls, floors, and the overall interior structure of the condo. It is also designed to cover your possessions, the possessions of others, vandalism, theft, and damage from fire. It also protects from lawsuits and liability. Condo owners usually pay condo fees that cover the external areas of the condo like the pool, hallways, and other common areas. Pound Insurance of Garland, TX is committed to helping condo owners understand how this insurance works and guide the process of selecting the best coverage limits to meet their specific needs. An insurance representative will also cover what it does and doesn’t cover. 

What Isn’t Covered by Condo Insurance?

Although condo insurance covers many things for condo owners, some things aren’t covered. Like many insurance policies, condo insurance doesn’t cover damage caused by earthquakes or flooding. You would need to purchase separate insurance to cover these things. Condo insurance coverage excludes appliances, renovations, alterations, and other types of property or changes that weren’t a part of the original interior of the unit. If you have concerns that cover parts of your condo like ass on alterations or appliances, discuss these concerns with an insurance agent. Give us a call. We look forward to answering your questions about condo insurance and how it can benefit you. 

5 Common Mistakes People Make When Purchasing Auto Coverage

Auto insurance can be a bit confusing, especially for first-time buyers. If you’re rushed into buying a policy, you can make serious mistakes in your coverage. At Pound Insurance, we encourage you to review your options carefully before selecting auto coverage. By going slow, you can avoid these common mistakes made by many Garland, TX drivers.

Not Comparison Shopping

You can save time, money, and frustration by comparison shopping for auto insurance online. Shopping around for auto insurance gives you an idea of coverage options and costs in your local area so you can get the best deal for your money.

Sacrificing Coverage for Price

Sacrificing coverage for a lower price is a common mistake people make when buying auto coverage. Insufficient coverage means you’re driving around without the protection you need. One accident could cost you more in the long run than paying for adequate coverage, to begin with.

Not Meeting Texas Auto Insurance Requirements

Texas requires that all auto owners carry liability coverage to protect other drivers in accidents they cause. If you neglect to purchase this coverage, you’re breaking the law. Not only that, if you’re found at fault for an accident, but you could also be sued for damages.

Paying Too Much for a Policy

Auto insurance costs vary depending on the coverage you choose and the company you work with. You can customize your policy to obtain the protection you need without paying extra for unnecessary “fluff.”  

Not Taking Advantage of Discounts

You can lower auto insurance costs by taking advantage of discounts your insurer may offer. Many companies offer discounts for having a safe driving record, bundling your policies, having safety features on your car, or completing a driving safety course.

To purchase the auto insurance you need in Garland, TX, contact Pound Insurance.

How to Navigate a Commercial Insurance Policy in Texas

If you’re looking for a commercial insurance policy in Garland, TX, there are a few key questions to start with. This policy is not solely about ensuring your business is legal. While meeting the minimum requirements is important, you may need to do more if you want to thrive in a competitive economy. Pound Insurance wants you to have as much information as possible before you decide. 

Choose Your Coverage 

Before you start looking at policies, ask yourself what type of coverage you want to have. How much inventory do you have to meet your current customer demand? What’s the most you could lose on any given day? How long will you need to close if your structure is flooded? What kind of equipment do you need (or will you need in the future)?

Some businesses can function with very little overhead — even as they grow over time, they won’t need very much to get by. But most will need to spend money to make money in terms of physical inventory, space, and equipment. Your policy should be able to account for all of this. Otherwise, you’re liable to go under in the event of a disaster. 

Remember Your Liability 

Employees can injure themselves on the job, customers suing over a defective product, professional omissions: these are all just potential legal problems you might encounter in your enterprise in Garland, TX. Make sure that your liability limits are something that you’re comfortable with (and consider increasing the limits if they’re not up to par). 

If you’re wondering how you can get a policy that fits your business needs, Pound Insurance can help. We’re here to take the mystery out of the process so that you can get back to work. 

Do I need home insurance if I don’t have a mortgage

Owning your own home is what most Americans dream of accomplishing. At some point, you will be done with the mortgage on your home. This is often later in life, and it may be at the time when you are thinking of retirement or have already retired. This can result in a lowering of your income, and you may be looking for ways to cut your expenses. Since home insurance is not required by law in Texas, you may be considering lowering or getting rid of your coverage altogether. At Pound Insurance in Garland, TX, we want to provide you with useful information about the value of home insurance for your financial security. 

Home insurance covers your home in many valuable ways. It protects the building itself from various different types of damage. It covers outbuildings that you may have, such as a detached garage, decking, or a shed. It also protects your personal property both at home and when you are away. These are all critical coverages. You may feel that you are lucky, and you may not suffer catastrophic damage, and it is possible you are right; however, home insurance also covers liability, which is something that is a must-have. 

Liability insurance protects you from the results of being sued. If someone is injured while visiting your home or by a member of your household, you could have a case brought against you, and if the judgment is not in your favor, you would have to pay that judgment out of your pocket if you don’t have insurance. You could lose your home and all your other assets as well. 

Even if you don’t have a mortgage, it is vital to protect your biggest asset, your home with insurance. Give our office at Pound Insurance in Garland, TX a call about how you can obtain this critical coverage.