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How Much is Condo Insurance in Texas?

The cost of condo insurance in Texas varies due to various factors. While some factors, such as the location of your condo, are out of your control, some other factors, such as the properties you have in your condo, are within your control. Insurance companies that sell condo insurance in Texas use these factors to determine the cost of condo insurance coverage. The average cost of condo insurance in Texas is between $66 and $110 monthly or $790 to $1,320 yearly.

Speak to a licensed insurance agent in Texas to get up-to-date information about the cost of condo insurance in Texas.

How Much Should I Pay for Condo Insurance in Texas?

How much you will pay for condo insurance depends on many factors. Insurance companies consider the location of your condo, the quality of your condo, and the age of the condo to determine the amount you will have to pay for the policy. These factors are not within your control, and your insurer can also use them to consider your eligibility for some discount.

  • Your property type, quality, and its cost determine the amount of property coverage you need.

  • The amount of liability coverage you get to safeguard yourself from possible lawsuits is the second biggest piece of the overall cost.

On the other hand, your risk level, past records of home/condo insurance claims, and personal belongings in the condo are within your control. These factors can also influence the cost of your condo insurance policy in Texas. The average annual premium for condo insurance in Texas is between $790 and $1,400. However, the factors listed above could lower or raise the amount.

How to Understand the Cost of Condo Insurance?

When considering the cost of condo insurance in Texas, you need to understand two types of payments. These are:

  • Premium:The premium is the amount of money you pay the insurance company monthly, bi-annually, or yearly, depending on the agreement between you and your insurer to keep your policy active. There are various factors that influence the premium amount for your condo insurance policy, including:

    • The location of your condo - Condo units in areas that are highly susceptible to crimes and unforeseen circumstances such as wildfire, tornadoes, and hurricanes attract higher premiums. This means that the premium for condo insurance in a safe area is lower than the ones in unsafe areas.

    • The age of the condo - The age of your condo can either work for or against you in determining your condo insurance cost. If your condo is old, this can raise the amount of money you pay as premiums, while it can lower your premium if it is new or relatively new.

    • The quality of your condo - The construction quality of your condo is a contributing factor in determining your premium. A condo with a low construction quality will attract a higher premium, while one built with high-quality materials will attract a fairly lower premium.

    • The cost of personal belongings in the condo - If you have expensive items or personal belongings in your condo, there is a possibility that your condo insurance premium will go up.

    • Past home/condo insurance claims - The record of past home/condo insurance claims you filed on the condo influences the premium. If past owners or occupants have filed insurance claims on the condo or you have a record of filing home/condo insurance claims on some previous apartments you have occupied, this may increase the premium.

    • Deductible : A deductible is the amount of money you pay to cover your loss before your insurer pays their part. The amount you pay as a deductible is based on the agreement between you and the insurance company. For instance, you agree to pay $1,500 as a deductible whenever there is a claim, and you have a $5,000 coverage. Your insurer will be expected to pay $3,500 while you will cover the remaining $1,500. If your deductible is high, your premium will be lower compared to another person who has a low deductible.

Discounts offered by some insurance companies can also affect the amount you pay as condo insurance premiums in Texas. If you bundle your condo insurance policy with some other policies from the same insurer, the insurer may give you a discount that will reduce your premium. Factors that insurance companies can use to determine your eligibility for a discount include having no record of filing home/condo insurance claims and your preferred payment option. If you do not have any record of filing for home/condo insurance claims over a period of time, insurance companies may offer you a discount.

If you decide to pay your premiums upfront, you can also be considered for some discount. For instance, instead of paying $60 monthly (which equals $720 annually), your insurer may give you a discount of $20, and you pay $700 yearly if you pay upfront.

What is the Average Cost of Condo Insurance in Texas?

The amount you spend on condo insurance in Texas varies by each insurance company. The average cost of condo insurance in Texas is between $67 and $110 monthly without a discount.

How Much is Typical Condo Insurance?

Typical condo insurance in Texas costs between $790 and $1,320 yearly. There are factors that contribute to this variation. The amount of coverage and the amount of money you agree to pay as a deductible whenever there is a claim can also influence the cost.

How Much is Condo Insurance Premium?

Condo Insurance premium in Texas varies. Condo insurance covers the interior of a condo with other personal belongings in the unit. The cost value of your personal liability also contributes to the premium you pay. With personal property coverage, which ranges from $40,000 to $100,000, and about $300,000 in liability coverage, the monthly premium for condo insurance in Texas ranges from $59 to $130 monthly.

Apart from the cost value of your personal liability, the insurance claim history of the condo itself can influence your monthly premiums. A condominium on which many condo insurance claims have been filed can attract a high monthly premium.

How Much Does Condo Insurance Cost in Texas?

The cost of condo insurance in Texas varies from county to county and by each insurance provider. It costs as low as about $708 yearly in some counties, and it is around $1,560 yearly in other counties. These estimations are without discounts.

To get the real price, as it pertains to your specific situation, speak to a Texas state-licensed property insurance professional with access to multiple insurers. Such agents can advise you on the coverages, compare, and suggest options to cover your needs.

How Much is Condo Insurance Per Month?

Condo insurance in Texas costs between $59 and $130 monthly, depending on your county of residence and the condo insurance provider.

How Much Does a Condo Insurance Policy with $500,000 in Coverage Cost in Texas?

Given $500,000 in condo insurance coverage, take $300,000 out of it as your liability coverage and the remaining $200,000 for the value of personal belongings in the condo. Your condo insurance will cost you around $150 monthly if the deductible is set at $1,000. Speak to a licensed insurance agent in Texas to get real-life quotes that are applicable to your condo insurance needs in Texas.

Does Condo Insurance in Texas Have High Deductibles?

The condo owner is responsible for choosing between paying a high deductible with a low monthly or yearly premium and a low deductible with a higher monthly premium. Two individuals who have the same coverage limit can opt for different deductibles. The most common condo insurance deductible amounts are: $1,000 and $2,000.

Does the Amount of Chosen Deductible Matter for the Cost of Condo Insurance?

Yes, it does matter. The higher the amount you agree to pay as a deductible, the cheaper the premium of your condo insurance policy. If you decide to pay a smaller amount as your deductible, you end up paying more in premiums.

Why is Condo Insurance So Expensive in Texas?

Your condo insurance may be high for the following reasons:

  • Low deductible - If you choose a lower amount as your deductible, your monthly or yearly premium will be high as against if you choose a large amount.

  • The cost of your personal belongings - You tend to pay more for condo insurance if you have expensive personal properties in your condo unit.

  • Claim history - Insurance companies will consider the previous claims that you or previous owners of the condo have filed when determining the cost of your condo insurance. They can even use your claim history on another condo/house that you have occupied in the past.

  • The condition of your condo - Your condo insurance can be expensive due to a lack of proper maintenance. Insurance companies consider the maintenance culture of a condo owner to decide the price of the policy. A policy owner who renovates their apartment regularly tends to get a cheaper condo insurance price.

  • Quality of construction materials - If your condo is built with wooden materials, you are liable to pay a high amount of money for your condo insurance. Condominiums built with bricks often attract cheaper insurance premiums.

  • Choice of liability coverage limit - You may be overinsuring yourself on liability, which can cause a significant increase in cost.

Speak to a state-licensed property insurance agent with access to multiple insurance providers. The agent can assess your specific case and advise you on the best coverages to fit your needs and the budget.

What Raises and Lowers your Condo Insurance?

The cost of your condo insurance increases or decreases based on many factors. These include:

  • The age and the condition of your condo

  • The claim history of the condo you want to insure

  • The value of your personal belongings

  • Your age and job status

  • Your liability coverage maximum limits

Does Condo Insurance Go Up after a Claim?

Yes, the cost of your condo insurance goes up after claims. However, insurance companies will only increase your premiums if you have filed many claims within a particular period, say 3 or 7 years. Not all the claims can cause your condo insurance to go up. Your condo insurance will not go up after filing claims if:

  • The claims were not honored by your insurer,

  • Natural occurrences caused the loss for which you filed claims, or

  • You have less than three appliance-related water damage claims in 3 years.

How Much will a Claim Increase Condo Insurance?

How much a claim will increase your condo insurance in Texas is not fixed, but insurance companies in Texas can increase condo insurance at the time of the renewal by 10% or more.

How Much Does Condo Insurance Increase after a Theft?

Your insurer determines how much your condo insurance will increase after you file a claim due to the theft of your personal belongings in the condo unit. Your insurer can use the amount of the claim pay-out to determine whether there will be an increment in the cost of your condo insurance. The higher the amount of the claim, the more likely the chance that your annual premium may go up.

Will Condo Insurance Go Up if Someone Slips and Falls in my Condo?

If someone slips and falls in your condo, your condo insurance will cover the liability claim for that accident up to the limits of your policy, and this may or may not cause your condo insurance to go up. However, your condo insurance can go up if your insurer considers your previous claims after filing a claim for slip and fall. Speak to a licensed property insurance agent in Texas to find out how situations like this can affect your condo insurance.

What Happens if Condo Insurer Changes the Premium?

In Texas, when your condo insurer is about to change the premium, the insurer will notify you and state when the new price will take effect. Usually, the change in the premium will take effect when you are going to renew your policy. However, your condo insurer must have informed you 30 days before the expected renewal date. If your insurer increases the premium and the cost becomes unaffordable, you can shop around for more affordable quotes and settle for another insurer if you find any.

Which Condo Insurance Plan is the Cheapest?

There is just one type of condo insurance in Texas. What determines whether your condo insurance is going to be cheap or not, apart from the usual factors, is the coverage the condominium’s master policy provides. You do not need to buy any coverage for what the master policy covers. Therefore, if the master policy is an all-in policy, you only need coverage for your belongings and liabilities only. This will be cheaper than a policy that has to cover some other fixtures such as floors, ceilings, and walls.

Does the Cost of Condo Insurance go Down Over Time?

The cost of condo insurance can go down if the occupant has a good credit score or retires and stays mostly at home. Such a person can be considered for a discount upon renewal. However, as a condo becomes old, the cost of insurance to cover it also goes up.

How Much Condo Insurance Do you Need in Texas?

The amount of condo insurance you need depends on the estimated value of your personal belongings, the coverage of the condominium’s master policy, and the amount of liability coverage you want. If you want to find out how much condo insurance you need in Texas, you should contact a state-licensed insurance agent for assistance.

How Much Condo Insurance Coverage Do I Need?

The amount of Condo insurance coverage you require depends on the following considerations:

  • What you intend to cover in your condo (personal belongings) - The estimated costs of the items in your condo will determine the amount of condo insurance coverage you need.

  • Your choice between replacement cost coverage and actual cash value coverage - The type of coverage you want your insurer to provide will inform the amount of coverage you want. Do you want your insurer to provide the cost for replacing what is lost or damaged or only cover the actual cash value cost of the item(s)?

    The replacement cost coverage will mandate the insurance company to pay the current price of replacing what is damaged or lost. On the other hand, the actual cash value coverage will cover the cost of replacing the item after considering the depreciation value.

  • Your choice of liability coverage limits, to protect you from claims when some gets hurt on your property or by your property. The higher the level of protections, the more expensive the coverage.

Speak to a Texas-licensed insurance agent who can help you identify your needs and match them with the most comprehensive and cost-effective coverage.

How to Save on Condo Insurance in Texas?

You can save on Texas condo insurance by:

  • Bundling your condo insurance with your auto insurance - If you bundle your condo insurance with your auto insurance, your insurer may give you up to a 20% discount on your condo insurance.

  • Increasing your deductibles - Choosing to pay higher deductibles will save you a lot of money on the premium for your condo insurance.

  • Lowering the liability coverage - Consider your needs and speak to a licensed insurance professional for advice.

  • Asking your insurer for discounts - You can ask your insurer for some discounts if you install gadgets that can help reduce loss or prevent damages to your condo, such as a fire alarm. Your insurer may even consider you for a discount if you keep your condo unit well maintained.

  • Not filing petty claims - There are some minor losses and damages that you can fix without filing any insurance claim. If you do not file claims for such losses or damages for a period, your insurer can offer you some discounts upon the renewal of your policy. This can save you some money when renewing your policy.

Can You Negotiate The Price of Condo Insurance?

Yes, you can negotiate the price of condo insurance in Texas, especially if your condo is well maintained and you did not have numerous claims filed in the past. You can also negotiate the price if you bundle the policy with some other policies with the same insurance company.

What is the Best Way to Save on Condo Insurance in Texas?

The best way to save on condo insurance in Texas is by employing the services of a licensed property insurance agent in the application process. Additionally, bundling your condo insurance with other insurance types, especially auto insurance or other property policies, will save you some money on condo insurance. You can also save on it by making sure that your condo is well maintained so that you can be considered for additional discounts.

What Can I Do if I Can’t Afford Condo Insurance?

If you cannot afford condo insurance in Texas, you can explore the option of the Texas Fair Plan Association (FAIR Plan) offered by the state. The FAIR Plan is organized to provide limited coverage for the condo units owners who cannot afford to get any coverage from the mainstream insurance companies. However, to qualify for the plan, no insurance company must have agreed to offer you the amount of coverage that the FAIR Plan will give you. Also, at least two insurance companies must have denied you coverage for your condo. You can contact the Texas Fair Plan Association via (800) 979-6440 or (512) 505-2200 if you meet all the requirements.

How Do I Get Condo Insurance if I Have no Money?

There is no other way you can get insurance coverage for your condo unit if you have no money. However, you can rely on the coverage provided by the condominium’s master policy.

How Much Do you Save by Paying Condo Insurance Upfront?

If you pay condo insurance in a lump-sum once a year, on average across Texas, you may be given a discount of $60-120 ($5 - $10 per month). This is a way for the insurer to thank you, since it no longer needs to service your account every month, to send you statements, and pay for the staff to process your payments. Some insurers may not provide any discount.

What Discounts are Available for Condo Insurance?

The available discounts for condo insurance in Texas are:

  • Bundle condo insurance with an auto insurance discount - If you bundle your condo insurance with auto insurance under the same insurer, the insurance company may offer you some discounts on both plans. While you can be given about a 20% discount on your condo insurance, you can also be entitled to a 4% discount on your auto insurance.

  • There is also an option of a single deductible discount if you bundle condo and auto insurance under the same insurer. Under a single deductible, when you need to file a claim that involves your condo and your car under the same covered event, you only pay one deductible. If there is $1,000 as a deductible for each of the two insurance plans, you pay one deductible, $1,000 instead of $2,000, if you file a claim that involves the two plans.

    This is possible if your car and your condo are insured by the same insurance company. Otherwise, you will not be eligible for this discount.

  • New condo purchase discount - New condos attract some discounts that old condos cannot get. One of the reasons is that new condos will not have any history of claims.

  • Payment of premiums upfront and in full discount - This discount comes up when you pay your premium up front and in full. Some insurance companies may consider you for discounts if you pay at least six months’ premiums upfront.

  • Condo upgrade discount - If you upgrade your condo by installing security alarms and an anti-theft system and you renovate your condo regularly, your insurer may offer you some discounts. This is because the enhancements can help reduce the risk of potential loss to the condo unit and personal belongings.

Generally, you should speak to a Texas-licensed insurance agent to help you save on costs if considering buying a condo insurance policy. Agents understand the current local market, the best plans, and their current prices. They can help you figure out what works best for your needs and give you the choice of quotes to consider.