Posts tagged "condo insurance"

what types of car and condo insurance are available to state employee teachers?

The same kind available to everyone else.

What’s the difference between condo and renters insurance?

Thanks!
Thanks so far but I was told I needed renters insurance b/c of our tenant. We own a condo and rent it out. Is this true?

Renter’s insurance only covers your personal belongings inside the home, whether it’s a condo, house, or apartment. It doesn’t cover the structure itself. So if you buy a condo and only have renter’s insurance, if the building catches on fire and burns to the ground your personal stuff is covered but they don’t pay to rebuild the building itself.

If you are buying a condo and the HOA fees include insurance, it means they will pay to rebuild the building if it burns down but NOT cover your personal belongings.

Does that make sense?

does condo insurance ever cover special assessments for roof or siding replacement?

nope. Insurance precludes assessments.

What is condo improvement insurance?

I just moved to a condo (as an owner). I have condo improvement insurance for up to $50,000. On the phone the guy was like oh yea, you can get new carpet, new windows etc. This seems too good to be true. What is this?
I was told that this covered special assessments and anything else including windows that were assessed. I am going to call the insurance company. If all this is to improve the place in case of a major fire or flood when in fact the condo company also covers it then I dont know if I need this. I dont have a huge issue with what they put in here if it burns down in a way. I giess if the insurance only costs a couple of bucks a month then maybe.

The insurance that covers your condominium building or strata also covers your unit in it’s original form. Any renovations and/or changes you make to your unit are your responsibility. So if your unit originally had carpet in the living room, hallway and all the bedrooms, and you decided to replace it all with custom hardwood, should there be a fire and the entire building burned down, the condo/strata associations policy would only be responsible to rebuild your unit with similar carpet that matched the original. The unit Improvement and Betterments (or similarlly named) portion of your unit owner’s policy would pay to have the hardwood floors, and all other changes you did to the unit, reinstalled. Windows form part of the building so unless you replaced the windows in your unit out of your own pocket, any damages to the windows would be covered under the condo association/strata policy.

Condo Insurance in Tampa, Florida Needed ASAP?

Now that State Farm Insurance will no longer be providing home or condo insurance, does anyone know another company that has reasonable insurance? I am not necessarily looking for the cheapest but want a reliable one that will PAY if I actually have a claim!

Jenny K, home insurance covers lots of different things. I’m not familiar with all the fine print of my policy, but my homeowners insurance agent is always helpful. Try calling your agent or a agent in your town. http://www.goodinternetdeals.com/Home-Insurance.html They will be able to help you.

My hot waterheater burst & water caused damage to the condo below. Should my liability insurance cover it?

I have additional insurance beyond what the condo association covers. I have liability insurance and have filed a claim but they are saying it will most likely be denied because I was not negligent becuase as far as I knew the water heater was in good shape. My insurance company says that the owner below me needs to file their own claim with their insurance but she is refusing to do so saying that the damage was not caused by her. Is this how it is supposed to work?

Odds are that the actual liable party here is going to be either the manufacturer of the water heater (depending on how old it is) or the condo association who may be responsible for maintaining it.

The lady below needs to report this to her insurance because I doubt any other party is going to step up and offer to pay without a long investigation. While she waits the water damage is only going to get worse.

Her company has a contract (policy) with her and under the terms of that contract they will pay her regardless of who caused the damage. Then her company will go after who ever they think is liable to seek reimbursement for the money paid and her deductible.

You are not liable just because the water heater was in your condo.

Know anything about condo insurance?

My wife and I have been condo owners for two years and have had homeowners insurance the whole time. Our expiration period is coming up soon and need to renew, but we’re not sure what coverage we have to have versus what our condo board already provides. Can anyone help?

Yes I could ask the board, but then how would you earn Answers! points?

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.

Can you obtain the insurance policy on a condo association without going through the condo owner? (See detail)

I currently am selling my condo unit to another buyer. The owener of the building, who is a real jerk, refuses to provide to my lawyers a copy of the condo associations insurance policy to show the new buyers lawer. He has actualyl gone as far as to request $1,000 to release this document. I have also heard I am not the only one in this building who has been extorted in some way. Is this a normal charge in condo sales? Are there any other means to obtain the insurance information without going through the bulding owner?
I currently am selling my condo unit to another buyer. The owner of the building, who is a real jerk, refuses to provide to my lawyers a copy of the condo associations insurance policy (which you are required to show to the new buyer). He has actually gone as far as to request $1,000 to release this document and he has boasted that I am not the only one in this building who has been extorted during the selling process. Is this a normal charge that occurrs during condo sales? Are there any other means to obtain the insurance information without going through the bulding owner?

Is there a homeowners association? Are you paying for part of the premium on the insurance (probably part of your maintenance fee)? Do you know which agent the policy is with? If so I would call them up and say that you need proof of insurance on the building that you are in and ask them to fax you a certificate. While it’s not the same as a copy of the actual policy the certificate will show that the building’s covered and what the liability limits are if someone gets hurt in a common area and sues the association.

If you don’t know the agent you might have someone from your bank call the building owner and say that they need to get information to update their records and then ask who the agent is.

Hope this helps!

Does condo insurance cover your personal belongings or just the interior structure of the building?

inletts, home insurance covers lots of different things. I’m not familiar with all the fine print of my policy, but my home insurance agent is always helpful. Try contacting your agent or a agent in your town. http://www.goodonlinedeals.com/Home-Insurance.html They will be able to assist you.

I need auto, health, and condo insurance; what is the cheapest way of doing this?

I need a descent health plan that will cover prescriptions. I am still young and don’t need much but I do have a prescription to fill that is about 250 without assistance. So I guess what I’m wondering is if I get all of them through a company like State Farm, will they give me a price break since I use them for everything? Thank you.

OK, if you don’t have anything wrong with you (but you do), health insurance is GOING to cost you $250 a month. So yours will likely be more.

Health is ONE kind of insurance, and condo/auto is another – you’re NOT going to get State Farm health insurance. Your health won’t be with the same company as your car and condo.

You WILL get a price break on the car and condo, but NOT the health.

I’d go to a local, independent agent for quotes. But health will be CHEAPEST through your employer.