November 19, 2018 A fire in the D Building was a reminder that we must be sure that our investment is protected. That means purchasing condo insurance that covers damage from a fire and other perils.
The HOA has insurance that covers the property, commercial liability, and the buildings, but it does not cover the interior of you condo. You must buy HO6 insurance with enough coverage to replace all your personal belonging, and that pays for repairs to interior damage. Think about what it would mean if you had to fix everything from the paint on the walls and everything inside the walls without help from an insurance policy. If you lease you unit, make sure that your tenant buys renters insurance, but you must also have insurance for “walls in” coverage.
Texas HO6 Insurance
Texas HO6 policy is designed for condo owners in the state of Texas. The Texas HO6 condominium insurance sold by independent insurance companies will cover losses to any of your personal items and any structure you own. This policy also covers damages to any fixtures that have been upgraded since the home was purchased. Mortgage companies require proof of insurance for condos.
What Does HO6 Insurance Cover in Texas?
A standard condominium insurance policy in Texas will cover most damages to your condo and your personal belongings from perils such as hail, smoke, windstorm damage from falling objects, trucks or vehicles. For example, if a storm breaks a window in a condo unit and rain destroys furniture inside, a condo insurance policy would cover the cost to replace it. Fire, lighting and theft are among other events covered.
Be Prepared!
Read the article that accompanies this news post about preventing fires caused by the lint in your dryer.