Houston, TX condo master insurance can help bridge gaps between landlords and tenants on your property. When you let Houston Insurance Agency help you choose the right policy for you, you can get a policy that works perfectly for your condo.
Texas Insurance Agency has years of experience helping people find insurance for their companies as well as offering personal insurance. We know what it means to want to protect the things that matter the most to you.
We cannot stress enough how important it is to have the right insurance policy for your property. Because condos deal with many other tenants, you want to make sure you are covered on all fronts.
If you are not sure if you have the right coverage or enough coverage, we would be happy to go over your existing policy to make to see if we can find you a better policy.
The Basics of Houston, TX Condo Master Insurance
This type of insurance is similar to many other community insurance policies, such as apartment buildings. It covers a multitude of areas that are typically shared amounts community members. It also protects the outsides of buildings and a multitude of other areas.
The shared or common areas can include areas such as staircases, shared patios, pools, community parks, clubhouses, parking lots, walkways, and similar areas in your community. This type of policy can also include a “bare walls-in” policy and/or an “all-in” policy,
A bare walls policy covers damages to the structure of the building. The structure includes the exterior walls, roofing, framing, wiring, piping, insulation, and drywall. The all-in policy includes the fixtures and installations that are included in the unit.
This leaves the majority of the inside of the condo the tenant’s responsibility. Just like any other apartment, or shared living community, they would need to purchase their own insurance policy, such as a renter’s insurance policy which is something Texas Insurance Agency offers.
Understanding Landlord Responsibility vs. Tenant Responsibility
It is important to make the distinction between responsibilities that fall on you as the property owner and what is the tenant’s responsibility. Like any other shared community space, tenants need to be aware of what is expected of them so they can get the proper coverage for themselves. Areas such as the inside of their unit and their property fall under the tenant’s responsibility.
Therefore, the landlord’s responsibility is basically everything else. Depending on the type of space tenants are renting, the landlord will need to ensure that the gap between the two parties is covered.
When searching for the right insurance policy for your condo complex, your agent from Texas Insurance Agency will go over every detail so you understand what is covered and what is not. Suppose a type of insurance policy does not cover certain liabilities, such as flooding for the complex. In that case, you may want to look into an additional policy or find an umbrella policy that can cover those damages.
Type of Policies Condo Landlords May Want to Consider
When you rent out the property to people, anything can happen. As a property owner, whether it is a complex or your own personal house, every landlord needs to consider having several insurance policies that protect them against liabilities.
Insurance can protect against many things, but there is no one policy that will cover everything. There is a multitude of policies that will cover specific areas. Some policies can be bundled together to help save money. Speak with your insurance agent to decide the best course of action for your complex and how to best protect you, your business, and your tenants that live there.
- Basic Protection- Basic insurance policies are a great place to start when seeking coverage. Basic protection policies can include the buildings that people rent, garages, sheds, pools, and other permanent or semi-permanent structures. Your master condo insurance plan could be considered a basic protection plan.
- Basic Plus Coverage- Basic protection usually does not cover the contents in those structures. If there are expensive tools, appliances, or furniture you want to be covered, you may want to get a basic plus plan. There are many plans that can cover damages against malicious acts such as vandalism, theft, etc.
- Water Coverage- Water damage is a common problem, especially in older structures. Therefore, you may need to look at your policy to see if you have coverage against damages due to backups, plumbing accidents, spills, sewage drains, and wells. It is important to note that this type of coverage does not usually include flooding from storms or hurricanes.
- Legal Costs- If you are in charge of a piece of property or rent out your own personal property, you will want to consider having coverage for legal costs. It seems like there is nothing people will not take each other to court over these days. Court fees and lawyer fees are incredibly expensive. Therefore, you may want a policy that can help cover legal costs if one of your tenants chooses to take you to a court or if you need to take them to court.
There is a lot that condo master insurance will cover, but it will not cover everything. Speak with an insurance agent from Texas Insurance Agency today to see where you need coverage the most and what plan will suit you the best.
Contact Us Today
Texas Insurance Agency is a highly experienced agency that has been helping the great Houston area find coverage for years. We are business owners as well, and we know what it means to want to protect your business as well as yourself.
But business insurance is not all we do. We also provide personal insurance policies such as renters’ insurance as mentioned above. We provide home insurance, auto insurance, flood insurance, and many other policies.
We want to help people protect what is important to them, whether it is a commercial asset or a personal one. So give us a call today to find the right Houston, TX condo master insurance.
Fun Facts for Houston, TX
- Houston has six professional sports teams.
- Westheimer Road has over 3,500 places to eat.
- The city earned its name from Same Houston, who was a military commander and a politician.