El Faro Insurance Agency & Tax Services
601 W Lake St, Ste D, Addison, IL 60101
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601 W Lake St, Ste D, Addison, IL 60101
View this agency's profile to learn more about their services.
601 W Lake St, #D, Addison, IL 60101
View this agency's profile to learn more about their services.
Learn about insurance coverage options specific to Addison residents.
Addison home insurance averages $1,268-$1,940/year. Learn about hail coverage, condo policies, and North Texas storm risks. Get quotes today.
Car InsuranceGet the right auto insurance in Addison, TX. Learn about 30/60/25 minimums, Dallas North Tollway risks, and why basic coverage isn't enough.
General Insurance EducationComplete insurance guide for Addison residents covering auto, home, and renters insurance. Learn costs, coverage needs, and hail protection in Dallas's entertainment district.
No, tornado damage is covered under the wind portion of your standard homeowners or condo policy. However, you'll pay a wind and hail deductible, which is often higher than your regular deductible and may be calculated as a percentage of your dwelling coverage (typically 1-2% in Texas).
Condo insurance covers you as an owner—your interior finishes, personal property, liability, and loss assessment coverage for HOA special assessments. Renters insurance only covers your personal belongings and liability since you don't own the structure. If you own your unit, you need condo insurance; if you're leasing, you need renters insurance.
Texas experienced $45 billion in storm losses during 2024 alone, making it the second-highest state for insurance losses nationally. Combined with 35% increases in construction costs since 2020, insurers have raised rates dramatically—19% in 2024 following a 21% increase in 2023. Some carriers have stopped writing new policies in Texas altogether.
Always choose replacement cost coverage, especially for your dwelling and roof. Actual cash value depreciates your claim based on age and wear, meaning you'll receive far less money after a loss. In North Texas where hail damage is common, replacement cost ensures you can actually afford to repair or replace your roof after a storm.
Most experts recommend $50,000 to $100,000 in loss assessment coverage for Addison condo owners. If your building suffers major storm damage and the HOA's reserves fall short, they'll assess unit owners for the difference. Given that roof replacements on large buildings can run into millions, adequate loss assessment coverage protects you from potentially devastating surprise bills.
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