Texas Condo Insurance
Get a complete analysis of Texas condo insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Find the Best Condo Insurance Rates & Companies in Texas
Condominiums are an ideal choice for many Texans. In major cities like Austin, new condo construction can barely keep up with the high demand for these types of homes. If you own a condominium in Texas, you can cover your property and protect your finances with the right condo insurance.
A local independent insurance agent in Texas can help you get set up with condo insurance today. Your agent can help you get matched to the ideal policy for the amount of property you have. But first, here's a breakdown of Texas condominium insurance requirements, coverage options, average costs, and more.
Best Condo Insurance Companies in Texas
Perhaps unsurprisingly, there's no shortage of condominium insurance companies in Texas. However, when you're looking for top-quality coverage, it's helpful to have some recommendations of where to start. Here are some of our top picks for the best condo insurance providers in Texas.
- Stillwater: This insurance company sells condo insurance and many other types of personal and business insurance. Stillwater has excellent ratings from AM Best and the Better Business Bureau (BBB), provides nationwide coverage, and offers 24/7 claims reporting.
- Nationwide: This company sells condo insurance, along with many other offerings such as auto insurance. Nationwide has great official ratings from AM Best and the BBB, outstanding customer service, and offers 24/7 claims reporting.
- Travelers: This insurance company offers many different lines of insurance, which may provide an opportunity for bundling if you buy condo insurance from them. Travelers has been in the industry since 1864, has outstanding ratings from AM Best and the BBB, and offers many discount options.
An independent insurance agent in Texas can help you compare quotes and coverage options from each of these outstanding carriers and any others you're interested in.
What's the Difference Between HO3 and HO6 Insurance?
Condo insurance, a special form of homeowners insurance, is also sometimes referred to as HO6 coverage. HO6 insurance or condo insurance covers your personal property or contents, liability, and additional living expenses. These policies don't include coverage for your condo unit's dwelling or structure because this protection is included in your homeowners association's master policy.
In contrast, HO3 insurance policies include dwelling coverage to protect a home's structure and its foundation.
Is Condo Insurance Required in Texas?
You're likely required to carry condo insurance by either your mortgage lender or condo association in Texas. Regardless of whether coverage is technically required, it can be beneficial to get a policy anyway. Without condo insurance, you could face potential bankruptcy after just one unexpected lawsuit. Having condo insurance can mean getting the critical reimbursement you deserve after a disaster.
What Does Condo Insurance Cover in Texas?
Texas condo insurance includes three major forms of protection. These are the following:
- Liability coverage: This can reimburse you for lawsuit costs, like attorney and court expenses, if a third party sues you over a claim of bodily injury or personal property damage.
- Loss of use coverage: This can reimburse you for temporary living expenses like takeout meals, hotel rooms, laundry services, etc. if your unit is uninhabitable after a covered loss like a fire.
- Contents coverage: This can reimburse you for incidents of theft, destruction, or damage to your personal belongings, including furniture, clothing, silverware, electronics, etc.
Texas condo insurance typically covers the following perils:
- Wind, lightning, and hail
- Fire and smoke
- Burst pipes
- Explosions
- Theft and vandalism
Your independent insurance agent can help you review your specific condo insurance policy to ensure that you know exactly what's covered.
What's Not Covered by Texas Condo Insurance?
You must also be aware of what your Texas condo insurance policy excludes. This can help you avoid filing claims that are bound to get denied by your carrier. In Texas, condo insurance typically won't cover the following:
- Flood damage
- Sewer backup damage
- Routine maintenance
- Malicious or intentional acts against third parties
- Insect damage and infestation
Since Texas is a coastal state, it may be beneficial to get a flood insurance policy. This coverage is excluded in standard condo insurance policies. You might also want to inquire about sewer backup endorsements to protect your personal property against these disasters.
How Much Does Condo Insurance Cost in Texas?
The average cost of condo insurance in Texas is $715 per year, which is considerably higher than the current national average rate of $455. However, the cost of your personal policy can vary based on the following criteria and other factors:
- Your personal claims history
- The type and amount of coverage you need
- The exact location of your condo
- Your deductible amount
- Any discounts you've added
Keep in mind that many common Texas condo insurance discounts are available from most carriers and can greatly help reduce your premiums if you qualify.
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Popular Questions about Texas Condo Insurance
You're typically required to carry condo insurance by your mortgage lender in Texas. You might also be required to have condo insurance due to your condo association's regulations.
The current average cost of condo insurance in Texas is about $715 annually. This breaks down to around $60 monthly.
We found that Stillwater is the best condo insurance company in Texas. Stillwater has excellent customer service, great official ratings, and many discount options.
Texas independent insurance agents can help you find the condo insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare condo insurance quotes from several carriers for you.
And down the road, they can help you file condo insurance claims or update your coverage as needed. Your agent can help you find condo insurance in Austin or wherever you reside.
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