RENTERS INSURANCE IN TEXAS

What is Renters insurance?

Renting an apartment or home? Renters insurance protects your personal property such as furniture, computer, TV, clothing, dishes and more when something happens. This includes a water leak (yours or a neighbors), fire and theft to name a few. Many apartment complexes and rental property owners even require that their renters have this insurance.

How much do you need? That depends on what you own and what it would cost to replace it. Wise Insurance Group will work with you to determine the amount of coverage.

Who in Texas should have Renters insurance?

All individuals that pay rent in Texas can benefit from a Tenant policy. This includes residents, who lease their permanent living space, as well as:

College students who rent an off-campus house or apartment
Residents of other states who have a part-time residence in Massachusetts
Young professionals saving for their first home purchase
Employees with temporarily leased residence while on a working on assignment

Get A Quote

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

CAR INSURANCE

HOME OWNERS INSURANCE

CONDO INSURANCE

UMBRELLA

TOWN HOME

CAR COLLECTOR

RENTERS INSURANCE

LANDLORD

MOTORCYCLE

BOAT

ATV

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.