Dwelling
This covers structural improvements to the inside of the unit (typically from the studs of the walls, in) and any and all customization and modifications made as such, in the event of a covered claim.
A.K.A "Contents Coverage". Your personal property is not covered by a condo master policy, and you should protect it. Unlike dwelling coverage, where the building policy might provide some coverage, your personal property is at risk. This coverage typically protects your personal belongings against the same list of risks and perils mentioned in Dwelling Coverage of Condo Policies Part 1.
Personal
Property
Texas Condo Insurance Coverage Options
A basic condo insurance policy in Texas typically covers damages to most of your personal belongings, as well as floors, ceiling, and walls. Most condominium by-laws or trust agreements specifically mention that the condo owner is solely responsible for everything inside their respective unit, including permanently attached fixtures and improvements.
Replacement cost
This is simply the cost to repair or repurchase the insured and damaged or lost possessions and fixtures at current market prices.
Actual cash value
This type of policy considers the age of your possessions if you have owned them for a while and deducts depreciation of all damaged or lost items before it compensates for them after your deductible.
Select Love Insurance provides Texas condo policies or HO6 policies which offers coverage for damages to improvements, additions or alterations of your uni. Your condo insurance policy also covers your belongings and the structural parts of the building that you own.
If you own own a condominium or townhome, your building itself is most usually covered by your condo association. However, you are solely responsible to cover any items or properties you own inside of your dondo. This is where owning a Texas condominium policy comes in handy. Such policies also will help you have coverage for any and all improvements or customizations made to your condo unit.
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What's Covered | What's Not
Texas Condominium Insurance: Replacement Cost vs. ACtual Cash Value
WHY YOU NEED A TEXAS CONDO INSURANCE COVERAGE
Medical
Payments
Also known as MedPay, it covers the condo owner in the event someone is injured in their condo and the condo owner decides to pay their medical bills.
offers protection to a condo owner in cases where their condo is damaged in a covered claim, forcing them to reside elsewhere while repairs take place. Loss of use coverage also helps in paying for things like dining or dry cleaning in such situations.
Loss
of Use
Personal
Liability
If the policyholder is sued for damages or injuries to third parties or their properties, this coverage helps defend the policyholder in court and provides coverage should they be found legally responsible for the claimed damages.