What homeowners insurance do I need for a condo near Southern Methodist University?

What you need for a condo

Texas condo insurance covers your personal property and the interior of your unit. Fannie Mae says a unit-owner policy is required when any interior portion or improvement is not covered by the master policy, or when the master policy has a per-unit deductible; the policy must be on a replacement-cost basis.

• Check the condo declaration, bylaws, and any insurance responsibility chart to see what the HOA insures.
• Ask for the master policy declarations page and any special deductibles, including wind or water deductibles.
• If the master policy leaves gaps, your unit policy should fill those gaps for the covered interior and improvements.

What the HOA master policy does

Fannie Mae says condo project loans generally require a master property policy for the common elements and residential structures. Texas guidance says condo coverage is separate from the association’s master policy, and the exact split between owner and HOA can vary by association, so you should not guess who insures windows, doors, or other parts of the unit.

• Confirm whether the master policy is bare walls, single entity, or all-in with improvements.
• Verify who is responsible for windows, exterior doors, and limited common elements.
• If the HOA policy has a per-unit deductible, your own policy may need to cover that exposure too.

What extra coverage to ask about

Texas guidance notes that flood is not covered by condo insurance, and consumer guidance says standard homeowner’s insurance does not cover earthquakes. The Texas Department of Insurance also points condo owners to windstorm and hail coverage questions, so a condo near SMU should be checked for those separate risks if they apply to the property.

• Ask whether flood insurance is needed separately.
• Ask whether windstorm and hail coverage is handled by the condo master policy or by a separate policy.
• Ask your insurer or agent to match your unit policy to the HOA’s deductible structure and covered perils.

Sources

1. What is homeowner's insurance? Why ... ↗
2. Home insurance guide - Texas Department of Insurance ↗
3. Texas Condo Insurance (HO‑6): Complete Owner's Guide ↗
4. Master Property Insurance Requirements for Project Developments | Fannie Mae ↗
5. Property Insurance Requirements for Individual Units in a Project Development | Fannie Mae ↗