ANSWER
For a condo, you need condominium insurance, not a standard homeowners policy. In Texas, the state says condo insurance covers your personal property, the interior of your unit, liability protection, and additional living expenses; if a lender still backs your purchase, it will require insurance, and flood insurance is separate if your home is in a flood zone.
YOUR NEXT DECISION
Turn the answer into your next step
- Ask for the condo association master policy summary.
- Get quotes for an HO-06 condo unit policy.
- Check whether flood insurance is needed for the building’s location.
- Confirm lender insurance requirements if you have a mortgage.
HELP WITH YOUR NEXT STEP
Choosing coverage for a specific home?
Guy can review the occupancy, property details and coverage options for your situation.
Review coverage with GuyWhat policy fits a condo
Texas Department of Insurance says condominium insurance is the right fit for an owner-occupied condo unit. The condo unit-owner form, HO-06, is issued to an owner of a condominium or cooperative unit used for residential purposes.
- Covers your personal property and the interior of your unit.
- Also provides liability protection and additional living expenses.
- This is different from a standard homeowners policy for a house.
What else to check before you buy
Texas does not legally require home insurance, but your lender will require it if you still owe money on the home. You should also check whether you need flood insurance, because most home policies do not cover flood damage and flood coverage can be required in a designated flood zone.
- Ask the condo association what its master policy covers, since the unit policy covers the interior of your unit.
- Confirm flood risk for the building and ask about a separate flood policy if needed.
- If you are buying with a loan, confirm the lender’s insurance requirement before closing.
Sources
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