Rentals in 77450>Question Details

roybea, Home Buyer in Katy, TX

What is wall to wall insurance? I have a townhouse I am trying to refinance and this is required.

Asked by roybea, Katy, TX Wed May 9, 2012

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If you have a fee simple townhome then you need a typical homeowners policy that will cover the replacement cost of the structure. The Lender will require a minimum amount for the "replacement cost". You should ask the Lender what that amount is. You may want to cover the structure for more than that amount. As the previous comment said, you need to consult with your insurance agent. You may also want to opt to add some extra water damage coverage. Also depending on the HOA policy of how they treat (or don't treat) failed foundations at your property, you might want to look into extra foundation coverage. Being a lifetime resident of Houston AND using TS Allison (2001) as a benchmark....I always encourage all my clients to buy flood insurance.
If it is a condo the it is a different story....commonly called "condo insurance". Much less coverage and much cheaper.....because the Condo HOA already has coverage for the structure. Consult you insurance agent once you figure out what you own.
0 votes Thank Flag Link Wed May 9, 2012
Good afternoon,
I would recommend contacting your insurance agent to clarify, what the lender is requiring.
Best Regards,
Richard Luebeck
Elite Texas Properties
0 votes Thank Flag Link Wed May 9, 2012
It's basically renters insurance or "content" insurance. You want to insure everything inside the walls of the home. Sounds like you probably will have an HOA that has hazard insurance to protect the exterior of the building (exterior walls, roof, etc.). You just need a policy to protect your "stuff" and the stuff attached to the townhome like window coverings, carpet, appliances, etc.

Just call your insurance carrier (like the one you have for your car) and see if they offer this type of insurance. Many insurance companies offer discounts if you have multiple policies.
0 votes Thank Flag Link Wed May 9, 2012
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