El Paso Condo Insurance

El Paso, TX Condo Insurance Tips

The far west Texas city of El Paso is experiencing increased condominium interest in urban, suburban, and recreational areas. This is a common trend in many urban centers as home buyers look for amenities, convenience, or even investments. If you plan to purchase or rent a condominium unit in town, be sure you protect your property and pocket book with the right El Paso, TX condo insurance for your needs.

Local and independent agents in the Trusted Choice® network can make it easy to find the right El Paso condo insurance for your home. They can answer your policy questions, offer you free El Paso condo insurance quotes, and provide professional service. Let a Trusted Choice member agent help you find the right coverage at the right price.

El Paso Condominium Facts

  • Average El Paso home listing price: April, 2013: $191,634
  • Typical U.S. personal property replacement value for a condo: $55,000
  • Texas average homeowners insurance rate: $1,560

If you own a condominium, be sure and consider the value of your home contents as well as any parts of the building structure you are responsible for covering.

How Do El Paso Condo Insurance Premiums Cost?

As with any home policy, condo insurance premiums will depend upon many unique factors. The way the property is used, the value of the unit and the amount of personal property inside the unit will certainly affect your rates.  Here are some things to think about:

  • Covering a condo unit is different than covering a regular single family house, because the condominium association typically has a master policy for the structure of the building and common areas.
  • This means that El Paso condo insurance just needs to cover property inside the unit that is not covered by the group policy.
  • Like a typical home policy, condo insurance may also include liability and relocation assistance.
  • If you rent your condo or townhome, you will not need to purchase a condo insurance policy - a renters insurance policy will typically be sufficient to cover your risks as a tenant.

Condos tend to be located in higher-value areas where property is expensive. This may increase the value of some units over the value of a similarly sized single-family home in a less popular area. For example, updated Northwest El Paso neighborhood condo units near desirable Corando High School may be worth more than homes in less popular neighborhoods.

To figure out how much your own policy should cost, it's a good idea to compare quotes from a variety of different local insurers. Your Trusted Choice member agent can help you do this for free if you already own a condominium unit or are planning to purchase one in the future.

El Paso Condo Insurance Discounts

Many condo owners can qualify for insurance discounts. These are similar to discounts offered to any home owner, landlord, or renter. Ask an El Paso agent what you can do to lower the price of your insurance. Here are some common examples.

  • Multi-policy discounts
  • Fire and burglar alarm safety discounts
  • Claims-free discounts
  • Discounted billing methods, i.e. saving more paying annually vs. monthly

What Does El Paso Condominium Insurance Cover?

An El Paso condominium may be inhabited by the owner or a renter. First understand that resident owners, tenants, and landlords will have different coverage needs.

  • Owners need to cover all property that is not covered by the building association policy.
  • Renters cover personal property like TV sets, small appliances, and jewelry.
  • Landlords cover any property not covered by the association and not owned by the tenant. This might include carpets and large appliances.

Here are some coverage options that all condo residents will probably share:

  • Resident owners, landlords, and renters will include liability insurance in their El Paso condominium insurance package.
  • Both resident owners and renters may be protected by relocation assistance, which helps them find temporary housing if damage causes the unit to be uninhabitable.
  • Landlords may be concerned with “loss of use” coverage to replace rental income while repairs are being made.

Compare El Paso Condo Insurance Quotes

An independent Trusted Choice member agent will be happy to explain policy options, suggest sensible coverage, and present you with free El Paso condo insurance quotes and plans.

If the challenge of finding high value insurance at a low price is daunting, there is help. Contact a local member of the Trusted Choice network for more information right away.

Now, who's ready to get their insurance problems solved?