Will my condo insurance in Plano, TX, pay me for the maintenance of Elevator?

Just like if you owned a single family detached home in Plano, Wylie or Allen Texas, you should have insurance to protect your condo. Condo insurance covers everything inside of the walls of your condo, but does not cover any of the common grounds you may share with other condo owners.

So, if the community swimming pool develops a huge crack after a big storm, you are not personally responsible for making repairs to the pool. Condo owners pay annual fees to a condo association that uses that money to look after all of the common areas of the building or condo development.

If you live on the fifth floor, in a nice apartment overlooking the expansive Texas landscape, you probably also have access to an elevator so you do not have to climb up and down five flights of stairs every time you leave your condo. An elevator is considered part of the common area of a condo complex. If the elevator stops working and needs to be repaired, that is not your financial responsibility.

Your condo insurance does not cover the elevator that takes you up to your floor so you can get into your home. Even if you are personally responsible for causing damage to the elevator, such as spilling a can of blue paint on the floor, you, and not your condo insurance, will have to bear the financial cost of cleaning up the spill. Maintenance of an elevator is not covered by either your private condo insurance or the insurance of the condo association.

As your independent agent here in Plano, Texas, we often get questions from people who only spend a few months of the year in their Texas condo. They say why should they bother paying for insurance when all they do is lock their door and head north for six months of the year. Well, if you call us and talk to an independent agent, we will give you a few good reasons why even absentee owners should carry condo insurance.