COMMERCIAL PROPERTY INSURANCE IN TEXAS

Commercial Property Insurance from Texas Experts

Wise Insurance Group was started by Evie Wise, an insurance veteran with Farmers and Liberty Mutual insurance companies. Before Farmers, Evie had been in the technology arena for 22 years working with companies such as Motorola Four-Phase Systems, NCR, BusinessLand, DataEase and People Click. This technology background shaped the decision that Wise Insurance Group would be an independent agency. Many times the best solution means creating a customized solution from more than one carrier for the client. This was true in technology and applies to insurance too. Ultimately, Wise Insurance Group is committed to finding the very best coverage at the best possible price.

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Evie has been my insurance agent for many years now. She is perhaps the most knowledgeable person in insurance I have ever dealt with and always gives you the information and available choices like you were family. Her service is exceptional and her advice has always been invaluable for me and my family. I can say without a doubt that I would highly recommend her for anyone’s insurance needs

Mark H. – Allen, Texas

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What common areas does condo association insurance help protect?

Condo association insurance may cover many different common areas that complexes typically have. Depending on a particular policy’s terms and conditions, it might cover:

Exterior Areas (e.g. walkways, courtyards, basketball courts, fields)
Exterior Structures (e.g. fences, gazebos, garbage sheds)
Interior Passageways (e.g. foyers, hallways, elevators, stairs)
Amenities (e.g. pools, fitness rooms, community rooms, business centers)
Maintenance Areas (e.g. HVAC rooms, utility closets, maintenance sheds)

An insurance agent who specializes in condo association insurance can help associations find a policy that provides robust protection for their common areas.

What are the different types of condo master policies?

Condo master policies are often underwritten as bare walls-in, single entity, or all-in policies. The differences between these policy types lie in what features they cover within condominium units:

Bare Walls-In: Normally covers only the most basic elements of condominium units, often limiting protection to walls, electrical and plumbing
Single Entity: Normally adds coverage for basic features that condominium units come with, often including standard flooring, cupboards, counters, etc.
All-In: Normally adds coverage for upgraded original features, possibly including hardwood floors, granite countertops, fireplaces, etc.

All-in policies are also called “modified single entity policies.”

Which type of policy a condominium association purchases is up to its board (or members). Associations might purchase a bare walls-in policy if they want to keep premiums as low as possible. An all-in policy might be used to insure a luxury condominium complex, if unit owners can afford the higher premiums.

A knowledgeable insurance agent can help associations decide what type of policy they’d like to carry.

How much does insuring a condominium complex cost?

The premiums for condo master policies vary according to many factors. A complex’s location, size, age, construction, features, and other details can all impact cost. So too can many other details that insurers might ask for.

Because premiums vary across policies, associations should check customized quotes to find out how much their complex will cost to insure. An independent insurance agent can assist with getting quotes from several different insurers.

Whatever the cost of a condo master policy, that cost is typically passed onto unit owners as part of their monthly HOA fees. For this reason, association boards should consider policy costs in light of how much the average unit owner would like to pay.

How can Texas condominium associations get a condo master insurance policy?

For help insuring a condominium complex that’s in Texas, contact the independent insurance agents at Wise Insurance Group. Our agents will work closely with you to determine what type of policy and what coverages are needed. We’ll then help you compare different policies that meet those requirements, so you can select the best available condo master insurance policy for your complex.