Associations commonly only insure a condo as built, along with internal, standard housing fixtures such as plumbing and wiring installed at time of construction. Over a period of time, improvements may be made that are not covered under the original condo insurance policy, and a recent buyer might assume that improvements are covered when in fact they aren’t.
To prevent any unpleasant surprises that can result after the fact,
Texas Auto Home Insurance has completed considerable research specifically for condominium owners, landlords, and tenants in all Texas regions and cities that can answer these and many other questions in advance, plus provide information on how to obtain better condo insurance rates and more comprehensive, itemized coverage.
It is important before we go any further to distinguish between the types of Texas condominium insurance policies residents often hold or consider obtaining. The master policy is the first type to consider. It is also called a “coop policy.” It insures the areas that residents in a building share in common with one another, such as elevators, roofs, utility facilities, walkways, and patios.
Should any of these areas be damaged by a covered claim peril in or on the insured property, the complex and/or homeowners association that holds the master condo insurance policy will cover most repairs. This however, does not cover personal possessions, or extend to any improvements you may have made if you are an owner who has purchased the condo as an investment. For this, a person must have a personal Texas condo insurance that also will indemnify them against additional perils and damages.
You have to study either the bylaws of the building association or the details of the condominium lease to make absolutely certain that all fixtures, improvements, and contents of a condominium are covered. This can be confusing and may require the individual to pay an attorney to clarify.
Texas Auto Home Insurance can help by providing Texas condominium owners, landlords, and tenants a simple and very clear list of things to look for in their documentation.
George White, President of Texas Auto Home Insurance Agency, can also tell you what questions you need to ask in order to clarify the coverage if the documentation you have been given appears vague or confusing. If you decide you need additional condo insurance coverage George White’s staff can utilize an extensive network of resources to find the very best policies, coverage extensions, and premium rates for Texas residents.
Click here to review an itemized list of examples:
