Remodel & Renovate in Dallas>Question Details

Wbanksjr02, Both Buyer and Seller in Dallas, TX

WHAT TYPE OF INSURANCE DO I NEED TO OWN A CONDO AND TOWN HOUSE?

Asked by Wbanksjr02, Dallas, TX Sun Sep 11, 2011

YES I AM TRYING TO PURCHASE A CONDO AND A TOWN HOUSE, BUT HOA IS HIGHER THAN RENT.

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Answers

8
Bruce Lynn’s answer
It depends on where you buy....as a general rule I say you need a "condo" policy which covers the sheetrock in... so cabinets, appliances, furniture, damage to your unit if another person above/below/beside you does not have insurance and the other way around, if you damage their unit by fire or flood.

Typically HOA covers the building insurance.

You just have to check.

HOA may also include additional items such as streets, cable, Heat/AC, Water, Sewer, Trash, Reserves for replacement, exterior maintenance, landscaping, People such as security or concierge, and management of these resources.
0 votes Thank Flag Link Mon Sep 12, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
You would need a condo insurance policy. This policy would cover you for the bolts inward. The HOA has the insurance that would cover the condo from the bolts outward, including the roof. The town house would depend on if it is a free standing house. If it is then we would be able to write it under a homeowners policy. Let me know if you have any other questions.

Angela Martin, CIC
Insurance Agent
512-671-7526 #118
Round Rock, TX
0 votes Thank Flag Link Mon Sep 12, 2011
I recommend you work with a Realtor. That Realtor can screen the properties for a reasonable
HOA dues.
I have alot of experience in this type property. Let me know if I can help.

Kathleen Testa, GRI
Buyers Agent
Coldwell Banker
972 754 4130
0 votes Thank Flag Link Sun Sep 11, 2011
With a condo you need similar to renters insurance to cover household items, and personal items.
With a town home you own the exterior, insurance is typical home insurance covering building and contents.

Kathleen Testa, GRI
Coldwell Banker
cbdfw.com/kathleentesta
0 votes Thank Flag Link Sun Sep 11, 2011
For your condo unit (through percentage of ownership), you will typically need HO-6 (in walls) insurance for your unit. This is the insurance you will be paying for as an individual unit owner. There should/will be a master insurance policy for the condo development through the Association to cover the common area elements. This will be paid for by the Association from the sum total of monthly assessment fees from all unit owners.
0 votes Thank Flag Link Sun Sep 11, 2011
You need to contact your insurance agent you can discuss your question .

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Sep 11, 2011
On a condo, the HOA typically includes blanket insurance on the structure, so you will need to insure the "sheet rock and within"...tell your insurance provider that you need to insure a condo and they will offer their "condo insurance."

On a town home, the HOA (if any) normally does not include any insurance on the structure, so you will need to get full insurance coverage, just as you would if you were buying a single family detached home. Again, your insurance provider should guide you in the right direction.

You might also direct your insurance questions to the HOA or the insurance provider that the condominium community has a policy with to determine any duplicate coverage, or gaps in coverage.
0 votes Thank Flag Link Sun Sep 11, 2011
You need common hazard insurance available from most any insurance carrier.
0 votes Thank Flag Link Sun Sep 11, 2011
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