I have been working with a first-time condo buyer over the last week. As we reviewed the different condo insurance options available to her from all our carriers, I was reminded of the two different ways insurance companies approach insuring a condo. Let’s look at what condo insurance is designed to cover from a property standpoint and then address how different carriers approach it.
I had an interesting conversation last week with a Dallas area mortgage professional about condo insurance. He was working on his client’s loan and had several questions about coverage, which I thought would be useful in guiding a blog post for those who own, or are considering buying a condo.
Last week’s post, An Introduction to Condo Insurance (see https://wiseinsurancegroup.com/an-overview-of-texas-condo-insurance/) addressed how to determine the amount of condo insurance needed and what it covers. There’s more to a condo policy, however, than covering the finish out of the home and your personal property or contents. There are other coverage items to consider including personal liability, medical coverage, deductibles, and home owner’s assessment.
?2013 has come to a close and 2014 is off and running. Housing in north Texas rocketed last year, however many predict it will cool a bit in 2014. The population of Texas continues to grow at a rapid pace. While the rate of growth is predicted to slow a bit in the coming years, it will still grow.
Every year, I like to review the current state of personal insurance for Texas. Personal insurance is what most individuals and families concern themselves with. It includes car, home (condo & town homes), renters, and umbrella insurance policies. The goal is to help most people keep their finger on the pulse of what’s happening. An informed consumer is a powerful force!
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