Insurance FAQ
 

Possibly Buying A Condo, What's The Difference In Home Insurance And Condo Insurance?

Question by summer=happiness | Posted in Insurance

i am possibly fixing to be buying a condo, but need to find out how much insurance is going to cost me every year. i noticed that there is "condo" insurance as well as home insurance. which one would be better or more appropriate. is condo insurance cheaper? what is the difference in the coverage ?

Answer: Your condo association purchases insurance on the building and premises. Broadly speaking there are two approaches condo bylaws take to insure the property.

One approach is the condo association agrees to cover only the exterior and common areas. You are responsible to insure the interior this can include walls, wall coverings, flooring, furnace, appliances, lighting, plumbing fixtures, kitchen and bath cabinets (basically everything inside your condo). In this scenario you are responsible not only for your personal property but also the entire interior of your condo. As an insurance agent I did not like this approach because it is very difficult to determine how much insurance
 
 

Does A Condo Require Home Insurance?

Question by cici | Posted in Insurance

Just bought a condo townhome, does it require home insurance? If so, what should it be covered?

Answer: You or your agent will need to read your condominium bylaws to determine the extent of the insurance that you will need, i.e. exactly what needs to be covered. While rare with some condo town homes I have seen where the homeowner is required to insure the entire structure and the homeowners association's master policy only covers liability and any community buildings such as the community center, recreation center, etc. And I have seen others where the homeowner is responsible for everything from the studs in, i.e. you would have to purchase coverage to replace the drywall, wall coverings, paint, wallpaper, tile, etc., floor coverings, hardwood, carpet, tile, etc. kitchen appliances, cabinets,

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Is It Worth It To Get A Home Insurance For A Condo?

Question by seafood10 | Posted in Renting & Real Estate

the whole condo building already has an insurance which i pay thru my monthly maintenance bill. but this insurance is to cover anything inside my apartment. so for all those out there that own a condo, do you pay extra each month just to get a insurance? is it really worth it or money down the toilet.

btw, this is a condo in nyc if it helps.

Answer: it is worth it...also its not as expensive as you might think...its just for contents...if you have expensive furnishings or other valuables you should consider some ...most policies will cover theft and the like...its up to you

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What Is The Best Insurance Coverage For The Second Home Condo Use For Seasoanl Rental?

Question by imkateri | Posted in Insurance

The condo has flood insurance, but I was told to purchase the coveage, I guess liability inside my unit. What is the inexpensive and reasonable coverage?

Answer: You NEED full liability insurance. The amount should be enough to protect your Assets. If some one hurts themeself at your rental property, there needs to be enough insurance, so that they do not come after your assets. If you have a standard (150/300 or 300/500) on that property, you might be able to get an umbrella to extent all of your coverages ( your primary as well) to a million or more. You also have to check with your insurer to make sure that the fact that this property is rented does not invalidate it for the coverage you are purchasing

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Condo/Home Insurance - How Would I Even Begin To Shop Around?

Question by Beau | Posted in Renting & Real Estate

I haven't bought a place yet (in the Boston area) but I hope to do so either this year or next year. How would I begin to look for property insurance? Do I have to be mindful of the local risks (such as occasional flooding?) or can I speak with free consultants to help me with property insurance? Is there some template out there on the interwebs that I can see to see the common things covered by property insurance? The main reason I ask is because I am playing with mortgage calculators and I

Answer: Random guess might be ok at this stage, but I would go visit an insurance company in person and talk about what coverage would be best in my situation before I buy a policy.

I would first talk to who ever I have car insurance with or who I have had renters insurance with. My brother has homeowners insurance thru AAA (the people that help you if your car doesn't run or gets a flat), I have insurance thru State Farm, there are dozens and dozens of good companies. You can look at Consumer Reports magazine to find out what other people think about different comapnies.

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Picking The Perfect Condo For You | Web Magazine Today

by Angelina Lawry

Condo apartment buildings are ranging from a number of stories and a few dozen units to very tall skyscrapers with hundreds of units. The size of these condo apartments do range from a small 300 square foot studio for a 2,000 square foot three bedroom unit. The service charge you are required to pay for each month will go to a fund which will then insure such things as maintenance, building insurance, upkeep, security, property management, etc. One of the most favored forms of condominium is the condo apartment. In such a case, you are getting one unit in a complex that houses many more units. A condo apartment can be a flat, a two story unit or even a loft. Nonetheless, these certain condos are absolutely pricey and are favored by young and independent professionals. As time passes Ann Arbor Real Estate has improved significantly in which parking lots and vacant lands formerly were the same, now you can find condos in a variety of shapes and forms....

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