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Is condo insurance required in Texas

Condos are a popular housing option for those who don’t want a lot of outdoor space they have to maintain. It allows you to get more actual home for your housing dollar. Insuring a condo is every bit as important as the insurance you get for a stand-alone house. At Willyard Agency in Highland Village, TX, our goal is to help people and their families understand insurance and make sure they have the appropriate coverage. As independent agents, we can offer more choices to our customers. 

The state does not require condo insurance in Texas. It doesn’t require any home insurance, but that is not reflective of how important this coverage can be to your financial security. If you have a mortgage on your condo, your lender will require you have insurance to protect your investment. You may also be required to have condo insurance by your condo association to protect the attached units. 

The policy held by the condo association covers maintenance and liability in the common areas. They are concerned about the exterior but not the interior of your unit. The interior is your problem. 

Condo insurance provides several valuable types of coverage:

  • Property– While the exterior of your unit is not your responsibility, the interior is. Exactly where coverage begins depends on what it states in your covenant. But it is safe to say things like your kitchen cabinets are your responsibility. 
  • Possessions– These are your personal things, furniture, appliances, clothing, decor, and electronics. 
  • Liability– You need to be protected if someone gets ill or is injured while visiting inside your unit. 
  • Loss of use– If your condo is damaged and not habitable, this coverage helps you to have a place to stay. 

Contact Willyard Agency in Highland Village, TX with all your condo insurance questions. 

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