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Real Estate Rental Property - Condo Insurance
Posted on 3/8/16 at 3:44 pm
Posted on 3/8/16 at 3:44 pm
Looking at some residential condos as a possible rental investment that would come as multiple units together. HOA fees are $200/month/unit but this covers water/sewage/utilities/basic cable, and exterior property insurance. Taxes are approx $300/unit per year. Units conservatively rent for $600/month and are currently listed between $30-40k per unit.
Anybody have experience with what (if any) additional insurance I would need? Thanks.
Anybody have experience with what (if any) additional insurance I would need? Thanks.
2
Posted on 3/8/16 at 3:52 pm to camerad7
Improvements and betterments. Check to see if you're responsible for the deck. Loss assessment. Liability. Change both coverage a and coverage c to special causes of loss. Depending on where it's located, buy flood insurance even if you're on the 20th floor. Earthquake also.
I own an agency in Iowa. I'm not trying to sell you anything. I don't have time for that. I also own condos on east coast of Florida, and in Lake Geneva.
You're talking a relative low cost to insure both your investment, and from the liability perspective, your net worth.
I own an agency in Iowa. I'm not trying to sell you anything. I don't have time for that. I also own condos on east coast of Florida, and in Lake Geneva.
You're talking a relative low cost to insure both your investment, and from the liability perspective, your net worth.
Posted on 3/8/16 at 4:42 pm to camerad7
HO-3.
Make sure you have liability and an umbrella.
Make sure you have liability and an umbrella.
Posted on 3/8/16 at 6:38 pm to CherryGarciaMan
Fire hazard insurance. Like $20 per month. Also check on hoa and see if they cover small occurrences i.e. Damage to a parking cover etc themselves instead of always giving one time stipends
Posted on 3/9/16 at 10:35 am to BBJ
Thanks for all the advice, seems like it could be tough to get a good cash flow out of these.
Posted on 3/9/16 at 10:40 am to CherryGarciaMan
quote:
HO-3.
mmm no.
would this be a rental?
Posted on 3/9/16 at 12:32 pm to Chad504boy
Yes the properties would be rentals.
Posted on 3/9/16 at 1:47 pm to camerad7
HO6 policy is the condo policy. Some companies can write a HO6 for you and write it as Tenant occupied. If not that way, it'd have to be some sort of dwelling policy or so with maybe some liability and building coverage. You aren't completely covered on HOA policy
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