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| Insurance People Help Me Out: Home Owners Posted by greenhead11 I'm seeking a condo (home insurance policy in Nola).  on 7/17 at 1:15 pmI know this is subjective but how much coverage should I be looking for in things like personal liability, dwelling, etc. I'm finaincially savy in the markets but new to home ownership. The condo insurance policy cover studs out. So if my unit is worth 220k, how much should I get in dwelling to cover studs in? I guess I don't know how the cost would be allocated. I'd imagine the majority of the cost is external structure brick and mortar stuff rather than sheet rock etc. Been quoted policies anywhere from $500-$4500. Any input is appreciated! Reply • Back to Top |
quote: Good rule of thumb is 60% of purchase price, however it can depend on the interior. If most of the purchase price is because of location you can probably do with less. If your interior is extremely nice (wood floors, nice cabinets, granite, etc) you may want more. Liability is cheap, get as much as you can. It is usually less than $20/yr to go from $100k to $300k, and only another $10-$20/yr to go from $300k to $500k. Reply • Back to Top |
| Post a couple of pics of the inside and sf of the place, number of bedrooms and bath and I will give you a number. Make sure kitchen and bathrooms are in the photos... Reply • Back to Top |
 All makes sense. I think the value of my property is derived in large part by the location on magazine. So maybe ill bump the dwelling coverage down to 120k or so. One thing i was thinking about is replacement costs should Katrina come again, but I'm not in a flood zone and I bet if it didn't flood last time, it won't next time. May be wishful thinking. Reply • Back to Top |
| I don't know how to posts pics to TD?? It's a 2 Bdr 2 bath unit. Kitchen is modern, stainless aplliances anfew years old, no granite, tasteful, but not amazing. Both bedrooms are fair size 20x 18 or so, bathrooms tasteful tile (no granite) or fancy amenities, I only have maybe 10-12k in personal property so I feel I can skimp here. Reply • Back to Top |
| I waz under the impression that state law has changed in the past few years to require the condo policy to cover the inside also just not personal property. Did anyone hear of this? Reply • Back to Top |
quote: You should have extended replacement cost on top of whatever coverage you go with to protect you from situations like that. As for the flood, if you're not in a flood zone you can get coverage for under $300/year. May be worth carrying. Reply • Back to Top |
| You will be fine with 80k in coverage, but pick up the flood insurance also... Reply • Back to Top |
| What's a good number for personal liabilty? Or does this cost really not factor much into the premium ? I definitely plan on picking up some flood. I didn't think it was going to be as expensive as I've been quoted but I'm apparently in a flood zone, just didn't flood last time.. Reply • Back to Top |
quote: I am on the adjusting side, no idea on how it changes the premiums. Slick might be able to provide insight... Reply • Back to Top |
| Personal liability is pretty inexpensive and worth it for protection. Depending on your personal assets I would start at 300k and work your way up Reply • Back to Top |
| You also want to check the policies; a typical standard policy does not cover windblown rain to the interior of the home unless an opening is created by the wind or hail first. A deluxe policy or a deluxe plus policy would have that coverage... Reply • Back to Top |
| Yea thanks, I just found out about this. That's frustrating that the policy quotes don't cover wind or hail or flood. What does it cover if it doesnt cover any of those 3?I have a tree right outside my condo that if it fell would cause significant damage. So is my best choice to get separate policies? Or get a deluxe policy that covers wind and hail? This post was edited on 7/18 at 2:17 pm Reply • Back to Top |
quote: If you are in N.O, many companies might be writing policies without wind and hail and then you would need to buy additional wind & hail coverage through LA Citizens. I don’t know the ends and out of that part of the business… Reply • Back to Top |
quote:will bend you over. Reply • Back to Top |
quote: Tell them to suck your cock. In a polite business way. Reply • Back to Top |
quote: Agreed. Two policies is shit, and you still have to deal with Citizens. Give Chad a call. He's the NO insurance expert of the board. Reply • Back to Top |
| Yea so I've gotten policy quotes anywhere from. 300-4000 dollars with varying amounts of coverage. State farm has quoted me a good low policy but it doesn't cover wind or hail. I hate dealing with this shite!!!! Reply • Back to Top |
quote: Give me name of ins. companies you have received a quote from (not insurance agency) Reply • Back to Top |
| Uncle has a condo on st.charles that's with state farm and has wind. He was probably grandfathered in though. If your using a credible local agent then you should get a good selection of all available companies, and be fine. Good luck Reply • Back to Top • Refresh |
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