Texas Condo Unit Owners Insurance

Texas condo unit owners insurance is available with a variety of choices.

Each state has separate rules and guidelines for insurance products. For most Texas condo insurance policies the national standard called "HO-6" is the starting point. This is a package of coverage's specially designed for condominium unit owners.

Typical standard coverage's include risks such as windstorm (sometimes excluded in costal areas), smoke, fire, explosion, hail, theft, vandalism, discharge or overflow of water, and a few other coverage's.

However all companies Texas condo insurance products are not the same. Here are some suggestions for evaluating this type of policy:

· Many condominiums associations will provide a blanket policy for the basic structure and common areas. So you may not elect to insure the full value of the unit. It is a good idea to insure for at least 30% of the units value, plus your personal property, even if there is an association policy.
· Most policies will include some personal liability coverage. There is typically an option to pay a small additional premium for a higher limit. You should get the highest level offered, especially if the unit will be leased to others.
· Some policies will offer an upgrade to "replacement cost" for an additional premium. I suggest trying to get a policy with this feature (however that is typically not an option if the unit is leased to others).
· There may be an option to get "loss assessment" coverage. Ask your agent to explain this and I suggest getting at least 10,000 in coverage for this. The extra cost is usually about $ 1.00 extra per month ... a great value!
· Some policies offer an option for a "floater". This is typically used for an item of jewelry that the policy would not cover. This is a great option to consider for something like an expensive wedding ring.
· Ask about discounts. This can be for things like non-smoker, alarm system, or certain age groups.
· I suggest shopping with a trusted brand name with a good financial rating. Deal with an agent that is knowledgeable about this type of policy. And ask your agent for details about the coverage and options available.
· Even with upgrades the policy should be reasonably priced. You may want to comparison shop with a couple good companies.

Texas residents can call my Houston office for more information at 281-537-2700.

Source by Glenn Lamb