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Condo owners: insurance policy.
Posted on 6/11/18 at 2:26 pm
Posted on 6/11/18 at 2:26 pm
What insurance did you put for your dwelling? I am buying a condo at the end of this month. Buying for $150k, appraised at $165k. I have the option of selecting a dwelling insurance as low as $10k. Incredible - $45/month total for everything.
They said I have the full range of the spectrum to choose from. Only a fire would be catastrophe. Aside from that inherit risk, is there a reason to not choose a cheaper deal? I would love condo owners' advice on this one.
They said I have the full range of the spectrum to choose from. Only a fire would be catastrophe. Aside from that inherit risk, is there a reason to not choose a cheaper deal? I would love condo owners' advice on this one.
3
Posted on 6/11/18 at 2:47 pm to rpg37
You need to read the bylaws and see what you have to cover. This is commonly referred to as "studs in" or "studs out". Usually you cover studs in, for example, sheet rock, flooring etc.
Posted on 6/11/18 at 2:58 pm to rpg37
I'd be safe and at least get 50k Coverage A, Contents at whatever you're comfortable with, 300k liability.
Posted on 6/11/18 at 3:08 pm to rpg37
I would get $50- $75k I bet the cost isn’t much more but like others said, you need the master policy for the condo association to know what their policy covers to know what you need to cover. Sometime it is paint in, drywall in, etc...
Posted on 6/11/18 at 3:16 pm to Chad504boy
quote:
I'd be safe and at least get 50k Coverage A, Contents at whatever you're comfortable with, 300k liability.
^ This
Posted on 6/11/18 at 3:46 pm to Tiger Prawn
quote:
I'd be safe and at least get 50k Coverage A, Contents at whatever you're comfortable with, 300k liability.
^ This
Nice call guys. The insurer said he the blueprints or whatever estimated that a complete loss would be $58,500 to rebuild. The bolt in and out jargon is something I am unfamiliar with. Can someone expand on this please?
Posted on 6/11/18 at 4:49 pm to rpg37
You base the amount of dwelling insurance on the cost to rebuild. So the $58,000 is estimated cost to rebuild the part of the condo that you would be responsible for as the unit owner...your interior.
The HOA has a master policy that covers the exterior of the building (from studs out) and liability for common areas.
The individual unit owners get a condo unit owner policy (HO-6) that insures your interior for things like drywall, flooring, cabinets, countertops, toilets, tubs, etc (studs in). Unit owner would also insure their personal property/contents under that HO-6, as well as liability.
The HOA has a master policy that covers the exterior of the building (from studs out) and liability for common areas.
The individual unit owners get a condo unit owner policy (HO-6) that insures your interior for things like drywall, flooring, cabinets, countertops, toilets, tubs, etc (studs in). Unit owner would also insure their personal property/contents under that HO-6, as well as liability.
This post was edited on 6/11/18 at 4:51 pm
Posted on 6/11/18 at 10:18 pm to rpg37
Have your insurer call the master insurance company to find out what they don't cover.
Don't talk to the realtor, condo association, or anyone who tells you what they think is going on.
You don't need to double-cover. Find out from the source what isn't covered.
(In georgia, the condos master polocy covers everything on the outside and inside of the unit up to the original builder specifications minus your deductible ).
Don't talk to the realtor, condo association, or anyone who tells you what they think is going on.
You don't need to double-cover. Find out from the source what isn't covered.
(In georgia, the condos master polocy covers everything on the outside and inside of the unit up to the original builder specifications minus your deductible ).
Posted on 6/12/18 at 10:57 am to meansonny
Guys, thanks for the great information!
Posted on 6/12/18 at 11:12 am to rpg37
quote:
Guys, thanks for the great information!
that guy is full of nonsense. Ain't no insurer calling any "master insurance" company for you. you have to read your condo by laws to figure out what their master policy covers.
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