PO Box 722
Taylor, TX 76574
(By Appt) 700 Lavaca Street, Ste #1400
Austin, TX 78701
If you would like to own your own home in Texas, but do not want all of the responsibilities and challenges that come with a house, buying a condo is a great option. When you are looking to buy a condo in Texas, it is important that you fully understand all the responsibilities that come with it. One important responsibility that you will have when you own a condo in Texas will be your requirement to carry condo insurance. There are several reasons why you will need to have insurance on your condo.
The vast majority of people today that purchase real estate will take out a mortgage to do so. Whenever you take out a mortgage to buy a condo, you will also be required to meet certain insurance requirements. In most cases, the lender will require that you have a full property insurance policy on your condo. This will provide the lender with coverage in the event there is a significant amount of damage to your condo. Many lenders will also require that you escrow for your insurance payments on a monthly basis.
Another situation in which carrying condo insurance will be required is if you are part of a home association. Most condo associations today have rules and regulations that dictate the types of insurance coverage that you need to have and how much coverage is necessary. Condo associations often will require that you carry a full liability insurance policy, which will provide protection to other condo owners in the community in the event you cause damage to another person's property.
If you are interested in learning more about whether or not you are required to have condo insurance, you should contact the team at Austinite Insurance Agency LLC. When you meet with our leading Austin, TX agents, you will get far more insight into your insurance needs to ensure you are able to pick the right policy for your situation. Visit our offices in Austin, TX to speak with an agent and get a quote.