Home owner's insurance for condominium house?
I live in a housing complex in a condominium. I enjoy taken home owner's insurance policy as required by mortgage company. Recently my insurance company informed me that they are removing ' earth quake ' coverage from policy from next renewal cycle as it is not economical to the insurance company.
My question are -
a) As general rule what kind of insurance one should lug. I mean - fire, theft, flood, soil quake, tornado, hurricane, twister etc.
b) what monetary coverage one should go for ? I mean speak house is of 300,000 value.
c) If the present company does not give land quake coverage, then should I consider going to other company.
d) Can any one give some just the thing what will be the premium per year for getting all above coverage for 300,000 value house.
Answers:
If you live in a condominium and you are paying association excise, this fee should include the insurance for everything, except your personnel staff, you have to buy insurance solitary for inside of your condo.
a) your condo master policy should cover this
b) coverage s/b for your content & possible damage to neigbors if master policy doesn't cover it.
c) do you call for earthquake coverage?
d) obtain insurance quotes
1. As a nonspecific rule, in the states that allow it you should take an HO6 policy - for condo owners. It's pretty broad. If you live surrounded by an earthquake or flood zone, you'll have to balance out your risk vs. the master policy coverage vs. your loan agreement vs. how much you can afford to lose. In hurricane prone areas, frequently you hold seperate wind coverage, NOT built into the standard policy.
2. impossible to tell in need reading your bylaws. You need to know how much of the structure YOU are responsible for - studs in? drywall within? paint in?? and how much the master policy deductible is (you need at LEAST that much within building coverage)
3. Yes. But that doesn't mean it's going to be easy to acquire.
4. No. If you're in Florida, it could be $6,000. If you're in Iowa, it could be $300. Plus it's base on your credit score and claims history.
You really need to sit down beside your agent and go over all these things beside them. Bring a copy of your bylaws, so they don't have to guess. Source(s): agent, 21+ years
As a previous insurance agent I can tell you that everything from the walls outward are covered by your association policy. Anything within the walls are considered personal property...There is an insurance policy espeically designed to cover this situation usually call an HO6 policy. It covers your personal effect and any liability coverage that you need.
If you live in a coastal nouns make sure you dont need a Flood Policy or Windstorm policy, these are NOT covered beneath a Condominium Policies.
Related Questions:
My question are -
a) As general rule what kind of insurance one should lug. I mean - fire, theft, flood, soil quake, tornado, hurricane, twister etc.
b) what monetary coverage one should go for ? I mean speak house is of 300,000 value.
c) If the present company does not give land quake coverage, then should I consider going to other company.
d) Can any one give some just the thing what will be the premium per year for getting all above coverage for 300,000 value house.
Answers:
If you live in a condominium and you are paying association excise, this fee should include the insurance for everything, except your personnel staff, you have to buy insurance solitary for inside of your condo.
a) your condo master policy should cover this
b) coverage s/b for your content & possible damage to neigbors if master policy doesn't cover it.
c) do you call for earthquake coverage?
d) obtain insurance quotes
1. As a nonspecific rule, in the states that allow it you should take an HO6 policy - for condo owners. It's pretty broad. If you live surrounded by an earthquake or flood zone, you'll have to balance out your risk vs. the master policy coverage vs. your loan agreement vs. how much you can afford to lose. In hurricane prone areas, frequently you hold seperate wind coverage, NOT built into the standard policy.
2. impossible to tell in need reading your bylaws. You need to know how much of the structure YOU are responsible for - studs in? drywall within? paint in?? and how much the master policy deductible is (you need at LEAST that much within building coverage)
3. Yes. But that doesn't mean it's going to be easy to acquire.
4. No. If you're in Florida, it could be $6,000. If you're in Iowa, it could be $300. Plus it's base on your credit score and claims history.
You really need to sit down beside your agent and go over all these things beside them. Bring a copy of your bylaws, so they don't have to guess. Source(s): agent, 21+ years
As a previous insurance agent I can tell you that everything from the walls outward are covered by your association policy. Anything within the walls are considered personal property...There is an insurance policy espeically designed to cover this situation usually call an HO6 policy. It covers your personal effect and any liability coverage that you need.
If you live in a coastal nouns make sure you dont need a Flood Policy or Windstorm policy, these are NOT covered beneath a Condominium Policies.
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