What homeowners insurance do I need for a condo near Texas State University?

What to buy

For a condo near Texas State University, the right policy is HO-6 condo insurance. Texas Department of Insurance says condo insurance covers your personal property and the interior of your unit, plus liability protection; the association’s master policy handles the building and common areas.

• Check your condo association’s master policy first so you know where its coverage stops and your coverage must start.
• If you have a mortgage, most lenders require condo insurance, and your association may require minimum coverage too.
• If your unit is damaged in a covered loss, HO-6 is the policy meant to protect the inside of your condo, not the whole building.

What it should include

A useful HO-6 policy usually includes dwelling coverage for the interior of the unit, personal property coverage for belongings, liability coverage, and loss-of-use coverage if you can’t live there after a covered claim. One current guide says personal property is often set at 20% to 50% of dwelling coverage, and loss-of-use is often about 20%, but the exact amounts should match your unit’s rebuild and replacement costs.

• Use your interior replacement cost as the starting point for dwelling coverage.
• Consider loss assessment coverage if your HOA can pass along part of a shared repair bill after a covered incident.
• Ask whether your master policy is all-in, single-entity, or bare-walls coverage, because that changes what you personally need to insure.

What it does not cover

Flood damage is not covered by standard homeowners insurance, and condo insurance also excludes flood losses. FEMA says flood insurance is a separate policy, and there is typically a 30-day waiting period before an NFIP policy takes effect unless an exception applies.

• If your condo is in a flood-prone spot, add flood insurance separately.
• Don’t assume water damage from flooding is covered just because you have HO-6.
• If coverage is needed for a mortgage or map change, timing rules can affect when flood protection starts.

Sources

1. Home insurance guide - Texas Department of Insurance ↗
2. Condo Insurance in Texas (HO-6) | TAP Insurance Agency ↗
3. What is HO-6 insurance? ↗
4. Flood Insurance FEMA.gov https://www.fema.gov › flood-insurance ↗