Insurance

[Lawrence Moore]

I'm about to close in on my first deal, extremely excited.

I've accounted for insurance, yet I don't know where to start on acquiring it. 

It is for a single apartment unit. 

What kind of insurance do I need, and where do I get it?

Thanks for all replies! 

[Account Closed]

Texas is one of many states that require your Association's master policy to insure the interior of the units if you are in a multi level building. However, the master policy does not have to include improvements or betterments within the units. For practical purposes this means any upgrades you do to your unit above the most basic features (vinyl and carpeted floor, discount appliances, etc.) must be insured by your condominium unit owners policy. The cost per square ft to replace your current unit x square feet of unit - cost per square ft to replace with basic unit x sq ft of unit = property limit.

Also be sure to check your master policy deductible as you are responsible to pay up to the master policy deductible for damage just to your unit. Your unit owners policy can cover this amount along with your share of the earthquake deductible. Also be sure to get a dwelling fire policy meant for renters and not a traditional policy meant for someone using the condo as their primary residence.