House Insurance » condo insurance

Can an Insurance Company charge damages for water damage when the condo board paid a deductible on their claim?

admin — Sat, 13 Feb 2010 06:22:32 +0000

I am the tenant of a condo and had accidental water damage to the unit, and floors below. My landlord claims they do not have insurance to cover the damage, but the condo board does and has paid out a $5000 deductible for the insurance for all the units to the insurance company, which I have reimbursed. Now I have been contacted by the insurance company about being charged for the remainder of the damages.

My question is, am I not sheltered by the condo boards insurance deductible?

Your situation illustrates a prime example of why tenants should purchase renter’s insurance. The condo board insurer covered the loss to the condo, but that doesn’t mean the insurer is not going to attempt to recover its payout from the person responsible for the damage. That person is YOU. No, you are not sheltered or covered. You’ve already paid the deductible portion to the condo. Now the insurer involved wants to recover ITS payout. If the condo insurer had a zero deductible, it would be coming after you for the entire amount of the damages. This insurer is following standard practice for such situations. Learn the value of renter’s insurance.

Question on condo insurance (HO-6) coverage?

admin — Sun, 07 Feb 2010 14:24:47 +0000

Hypothetical: I determine that all my personal belongings in my condo are worth $10,000 total, and I buy $20,000 worth of coverage. Two years later everything is completely destroyed by some accident. Will I be paid the whole $20,000 by the insurance company (which essentially gives me a $10,000 profit)?

No, you have to prove your losses, draw up a list, use your inventory, etc.

I’ve never seen an "agreed amount" clause on contents. It’s the LESSER of, the value of your stuff, or the policy limit.

It makes the inventory part pretty important.

BUT, the average person has more than $!0,000 of stuff, also.

If I was hit on someone property can I sue her condo’s insurance company?

admin — Sun, 07 Feb 2010 14:24:11 +0000

I’m already sueing the women who hit me with her car, but I am loosing a lot of money out of work now. I was hoping on some kind of advice that my lawyer hasn’t thought of….

I think your lawyer would have thought of all possible avenues of who is liable for the injuries you suffered as a result of the accident. Where were you on the property?

I am trying to get a ballpark figure for how much condo insurance costs/month in los angeles?

admin — Fri, 05 Feb 2010 06:27:22 +0000

2bed/2bath ~1500 sqft

Depending on the carrier, credit can play a major role in the rate that you pay for the policy. Before you apply for the policy get a free copy of your report from annualcreditreport.com
When you talk to a local agent about condo insurance, ask about Loss Assessments. Here is a list of local agents sorted by zip code that can help – http://www.insuremyhouse.com/california.html

Cooper, Simms, Nelson & Mosley Insurance

admin — Thu, 04 Feb 2010 11:06:14 +0000

In business for over 60 years, Cooper, Simms, Nelson and Mosley Insurance provides a wide range of insurance in the Central Florida area. Types of insurance offered include homeowners, watercraft, personal liability, auto and jewelry. The company also offers customized financial services.
Visit us http://www.yellowpages.com/info-1707491/Cooper-Simms-Nelson-Mosley-Insurance?from=youtb

Duration : 0:0:37

Condo insurance question?

admin — Mon, 01 Feb 2010 12:33:58 +0000

The tenants of a condo we own got flooded because of the unit upstairs. After talking with the insurance company and condo, the condo has agreed to refloor, and repaint the rooms affected.

I am not comfortable with the tenants sleeping in the unit if it’s being repainted. Who’s responsibility is it to put them up in a hotel? Is it the condo’s cost? Insurance? Or yikes…mine?

It’s possible the insurance would cover this IF they agree with you. Contact them and see. If they don’t agree, you would have to pay for it.

Trying to find condo insurance in Ft Lauderdale but am having no luck finding a company? Any suggestions?

admin — Sun, 31 Jan 2010 05:52:27 +0000

You’ll probably have to go through Citizens, the state’s insurer. Call your auto insurance agent and see if they write it. If not many/most State Farm agents do.

But before you do that go ahead and call around to some local brokers and see if they have any companies writing new policies, or call the Florida Market Assistance Plan, set up to help people find coverage. You can call them at 800-524-9023 or register online at http://www.fmap.org.

From what I’ve seen Citizens is the safest bet. But I haven’t seen everything.

Good luck!

Need condo insurance in Florida?

admin — Fri, 29 Jan 2010 06:33:04 +0000

Hi, can anyone point me to any web sites or insurance agents in Florida that are still writing insurance for condos? Thanks!

www.huttinsurance.com . . . owned by an old buddy of mine, and if he can’t write it, no one can.

Oh, right, no one can. LOL just kidding. condo insurance in FL is like homeowners – really, really expensive, and you might also need flood or wind. Not many companies will do it, but you already know that.

Should my condo insurance cover more than just my stuff like appliances, cabinetry, countertops, flooring?

admin — Fri, 29 Jan 2010 06:32:58 +0000

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 you should have to be able to repair or replace everything in within the walls of your condo.

The other approach, which I always preferred, was more comprehensive where the association agrees to cover the entire unit as it was originally built. In this scenario you only insure your upgrades (i.e. bookcases, upgrades, finished basements. etc.) and your personal property.

You need to carefully review your condo bylaws or have a good insurance agent go over the bylaws with you. If you don’t insure the property that you are responsible for you could find yourself woefully under insured and perhaps unable to rebuild your condo.

In addition to insuring the part of the building you are responsible for you need to determine the replacement cost of your personal property within the condo.

Sorry for the long answer but it is a surprisingly complex question.

New homeowner needs condo insurance? What type of "check" do they run?

admin — Fri, 29 Jan 2010 06:32:52 +0000

My agent said they will run a check, I already have auto insurance and want to know what type of check they plan to run. It wouldn’t be a check on my driving records would it? .

homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.