In February of 2014, the median price for a condo in Houston was $145,000, over $130,000 less than the national median asking price. But while purchasing a condo in many parts of Texas could be a great deal, the Lone Star State does contend with hurricanes, thanks to its proximity to the Gulf of Mexico.
Fortunately, condo owners — unlike homeowners — only need protection for their unit's interior and everything inside, not the building itself. So if a hurricane tears into the roof of your building, your HOA's insurance pays for the repairs. But if a tree branch breaks your kitchen window? That's where your policy kicks in to save the day.