Condo Insurance in Texas
Insuring a condominium is a very specialized type of homeowner's coverage. That's because the condo Homeowners Association is responsible for something and the owners of individual units are responsible for others. Let a condo insurance expert at Pounds Insurance in Garland, Texas walk you through the ins and out of condo insurance coverage.
What is Covered by the HOA?
In most cases, the condominium HOA has a master insurance policy in place. That policy covers liability for things that happen in common areas like the swimming pool or tennis courts. It is up to each condo owner to purchase insurance coverage for the condominium from the "studs in". Condo coverage is formally known as a HO-6 policy. It is designed to cover you, the homeowner, as well as the unit and its possessions.
What Does HO-6 Insurance Cover in Texas?
Rebuilding the unit-If the inside of the unit itself is damaged and needs to be repaired.
Personal Property-This covers your possessions inside the condo and generally includes everything that isn't considered a fixture.
Master Policy Deductibles-If something happens in the common area, the HOA Master Policy will probably cover it. But that coverage will more than likely include a deductible, and that deductible is passed on to each unit owner.
Loss of Use-If the condo is uninhabitable and you must seek temporary shelter.
Medical Payments-In case someone is injured inside your unit.
Condo insurance coverage is unique when it comes to something called named perils. That includes floods, earthquakes, wind damage, and sewage backups. The condo HOA decides whether to buy additional coverage for named perils. If the association elects not to have this coverage, condo owners may need even more customized coverage.
Schedule an Appointment
Schedule an appointment today at Pounds Insurance to protect your condominium. Our insurance experts will assess what is required in Texas, what your HOA covers and your responsibility.