Beyond the High Rise: A Comprehensive Guide to Condo Insurance

What makes a condo a condo?  Learn which documents the Texas Statutes require to be filed with the county clerk to create a condo.  What is insurable and what is not?  What endorsements can I issue when insuring a condo.

• What is a condominium?  It’s not just a high rise building and can look like single family to the untrained eye.
• The documents we need in order to insure unit sales in a condo project, and why we need them.
• Find out why parking and storage are insurable on this condo unit and not that one.
• Learn the difference between common elements and limited common elements, and how they are used.
• Obtain a general understanding of how an HOA works in a condominium community.
• Learn endorsements and coverage we can and cannot issue.

This program is intermediate level for escrow officers and examiners.

Condominium communities come in many shapes and sizes.  Here in Austin, we have high rise units, low rise units, townhouses and units which appear to be single family homes.  Learn how to read and interpret the condominium declaration to find out what kind of condominium you are working with.  Learn what the drawings on the back of the declaration mean, how amendments to the declaration affect the overall community.  Learn how the HOA management affects each owner and their interest in general and limited common elements.  Learn the difference between general and limited common elements. The goal of this course is to familiarize Escrow Officers and Examiners with the common title exceptions/requirements when closing condominiums, endorsements, and requirements when insuring and closing a condo unit.
 
Presenter: 
Mindy Hallford, CTIP
Heritage Title Company of Austin, Inc.