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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Condo insurance
For those who own a condo, what did you insure your condo for? I need to buy a policy but I don't know how much I should insure the dwelling for. Somebody I know only insures it for $15K, the agents are telling us $50K.
There's two pieces to it, the contents and the dwelling not including what the HOA pays.
Obviously there is a big difference in price.
TIA
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Posted 3/29/06 2:32 PM  |
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Prudential Douglas Elliman Real Estate
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Condo insurance
Posted by Blu-ize
For those who own a condo, what did you insure your condo for? I need to buy a policy but I don't know how much I should insure the dwelling for. Somebody I know only insures it for $15K, the agents are telling us $50K.
There's two pieces to it, the contents and the dwelling not including what the HOA pays.
Obviously there is a big difference in price.
TIA
Tell the insurance company to use their estimator. They should know how much the dwelling should be insured for based on what type of house you own. They will ask how many rooms, bedrooms, bathrooms, condition of kitchen/bathroom, garage, etc.
Then make sure the policy includes "full replacement cost". Preferably at over 100%. I think my policy for my house has 125% replacement cost.
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| Posted 3/29/06 3:00 PM |
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lovelybride
LIF Toddler
Member since 5/05 420 total posts
Name:
Gina
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Re: Condo insurance
Question, Does a quote of $409 for the year seem reasonable for condo insurance. It has a $500 deductible.
TIA!!
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| Posted 3/29/06 3:08 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Condo insurance
Posted by lovelybride
Question, Does a quote of $409 for the year seem reasonable for condo insurance. It has a $500 deductible.
TIA!!
There really is no way to tell. How much coverage does this quote give you?
The best way to find out if "its good"... is to call other companies and ask for comparative quotes for the same amount of coverage.
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| Posted 3/29/06 3:12 PM |
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lovelybride
LIF Toddler
Member since 5/05 420 total posts
Name:
Gina
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Re: Condo insurance
Okay, thanks... I will do that..
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| Posted 3/29/06 3:17 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Condo insurance
I've called 4 insurance companies about this. They have all recommended various amts. 20K, 30K, 50K...etc..these amts represent what it would cost to re-build or gut out an apartment that maybe had a fire..or other damage, I guess water damage, etc..
This is very hard to determine.
The other details of the policy I'm clear about-
TIA
Message edited 3/29/2006 3:28:18 PM.
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| Posted 3/29/06 3:26 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Condo insurance
Posted by Blu-ize
I've called 4 insurance companies about this. They have all recommended various amts. 20K, 30K, 50K...etc..these amts represent what it would cost to re-build or gut out an apartment that maybe had a fire..or other damage, I guess water damage, etc..
TIA
Probably because they may have different deals in place to purchase replacement parts to build a house or new condo for you.
I never understood why companies had such different numbers on this. 
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| Posted 3/29/06 3:32 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Condo insurance
Me neither and what a PIA!
I've posed this question to the builder..let's see what they say.
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| Posted 3/29/06 4:10 PM |
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KarenK122
The Journey is the Destination
Member since 5/05 4431 total posts
Name:
Karen
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Re: Condo insurance
You need to really understand first what your HOA insurance covers and then make your assessment on how much money you need for your own dwelling.
For me I took out $50,000 just to be on the safe side since the price wasn't that much different. We also took total replacement at 125%. It is a bit tricky because you are responsible for anything from the sheetrock inside and the HOA is responsible for the walls out. So as an example, if a fire was next door and burnt through your condo as well, the HOA would be responsible for rebuilding your unit to the original specs.
For me, I always take out as much as I can because an extra $100 a year in insurance might mean a heck of a lot more if I ever need it.
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| Posted 3/29/06 4:16 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Condo insurance
Posted by KarenK122
You need to really understand first what your HOA insurance covers and then make your assessment on how much money you need for your own dwelling.
For me I took out $50,000 just to be on the safe side since the price wasn't that much different. We also took total replacement at 125%. It is a bit tricky because you are responsible for anything from the sheetrock inside and the HOA is responsible for the walls out. So as an example, if a fire was next door and burnt through your condo as well, the HOA would be responsible for rebuilding your unit to the original specs.
For me, I always take out as much as I can because an extra $100 a year in insurance might mean a heck of a lot more if I ever need it.
You're so right-It's foolish to squabble over pennies and risk liability. My broker and I were talking about fire damage and where it comes from and who knows who's responsibility it may be at the time. Same goes for water damage. If your refrigerator lines burst or if the tenant's upstairs bursts..it can get all gray in that area. Just better off paying a few bucks more and getting the peace of mind.
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| Posted 3/30/06 1:20 PM |
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