Posts tagged "condo insurance"

Will Condo Board take care of Insurance?

I am subletting my condo and would like to find out if there is a possible fire. I do have a condo owner’s insurance, but it seems to cover only personal belongings. What happens if there is a fire and the condo is damaged? Will the condo board take care of the damages and rebuild?

When you own a condo usually the association has a policy that covers the building itself (outer walls, roof, framing, plumbing, electrical) and the owner is responsible for (and hopefully has their own policy covering) the rest (paint, cabinets, fixtures, etc.) Your condo’s bylaws will spell out what the association is responsible to insure, but state laws (which have often changed to move more of the responsibility from the association to the unitowner) and different insurers can make that broader or more narrow.

Your own individual condo unitowners policy should cover the parts of the building that you are responsible to insure (building coverage, or additions and alterations) and your contents (plus other coverages like Personal Liability). Most unitowner policies have very small limits for building coverage (usually under $10000), so you have to increase that coverage to reflect your own rebuilding costs. (Personally, I carry $50,000 because in my community I’d have to even rebuild my staircase!)

Because you’re going to be renting out your unit you need to:

1. First check if there are any restrictions in your bylaws about renting out the policy.
2. Check with the insurance company for the association to see what the deductible is. If the total amount of your loss is less than the association’s policy deductible it obviously won’t pay, even if it is a covered loss.
3. Check with the company that has your individual policy to see if they will endorse the policy to allow you to rent it out, and if they will cover the association’s policy’s deductible (subject to your own) if there is a fire, etc. (they usually will) .
4. Adjust your own policy to reflect your new needs. For example, if you’re moving out all of y our furniture you don’t need as much contents (personal property coverage).
5. Increase your liability coverage to at least $300,000. As the owner you can be sued over the actions/negligence of the tenant.

So, the bottom line is that generally the association will rebuild for a fire, but unless it is a major fire it’s likely going to fall onto your shoulders, so make sure you are properly covered. There are so many variables you need to do your homework first.

how much condo insurance should one get?

if i have a condo that i want to get insurance for, what is a good amount? the condo is 1215 sq ft w/ 2 bath & 2 bedroom.

Well, you need to sit down with an agent and figure that out. Most of the time, you’re responsible for MORE than just the contents – but you need to read your bylaws to see if you’re responsible for studs in, or paint in, etc. Plus, any customizing you do – like that new kitchen. Plus, what’s the deductible on your master policy? You don’t want to get stuck with THAT much, if only your unit has damage.

Lastly, keep in mind that little talked about coverage – "Loss Assessment", for when you are assessed a portion of total damages that aren’t covered under the master policy, but would be covered if it was just your unit.

Too many variables for an accurate answer from those of us on the ‘net.

New Florida Condo Owners Insurance Policy?

All condo owners are required to have their own home owners insurance policy. After paying my mortgage,and association dues,as a single parent with one income,I have no money left for this additional expense. What must I do?

home insurance covers lots of different things. I’m not familiar with the Florida laws and regulations, so I suggest you call a nearby homeowners insurance agent. http://www.easyhomeinsuranceguide.com/Florida-Home-Insurance.html They will be able to help you.

Homeowners Insurance, Melbourne, Florida Condo Insurance

homeowners insurance, Melbourne, Florida condo insurance
Insurance Center of Central Florida

http://www.theinsurancecenter.us/

If you live in a condominium, you will need condominium insurance. We will review your covenants and notify you of the coverage required by your condo association. You may be required to have coverage for all interior fixtures as well as common property. Log-on to www.TheInsuranceCenter.us for details or call us at 800-659-0986.

Duration : 0:3:41

Read more…

Condo flooding whose insurance cover what?

I live in a condo complex. The sink in the bathroom overflowed and flooded my bathroom as well as the condo below. I talked to the water damage guy and he says my insurance covers my damages & the insurance of the guy below covers his. Is this true?
My repairs are minimal, so I did not report it to the insurance. Also I have the regular condo insurance not sure if it covers this kind of flooding. Please advise

that would be your homeowners insurance probably, not the condo assn’s

Should the condo association Master insurance cover the repairment?

If the damage was caused by the condo association property failing. Should the Master policy of the HOA cover the cost of the repair of my interior damage? Is it part of the liability of the insurance?
The detail is that the recent hurricane Ike damaged the roof of our building, what cause the water to pour into my neighbours unit upstair and further down to the ceiling of my condo.
Thanks a lot.

In my experience, they should. I live in South Florida. After the hurricanes of 2004 we had many of our roofs fail. Because of this, many owners experienced damage to their internal walls. Our master policy for the condo association covered paid the damages. I’m sorry, I don’t know if they are required to do so, but I’m pretty sure they contacted our Association attorney. My advice is move quick, you don’t want mold to become an issue. Also, the Association did not cover paint, so the owners were left with bare drywall. Best of luck, I know it’s tough recovering from a hurricane.

Does condo insurance cover repair cost to a common element?

Owner damaged the garage door to his condo town. Does he claim against the condo corp. or his own insurance?

It depends but definitly one of them will cover it.
call your agent or your company file a claim and ask them then you can always withdraw the claim if it doesnot cover it. make sure you ask them over the phone first.

Renting A Chicago Condo Versus Buying One

Are you someone who regularly finds yourself visiting the Chicago area? Whether you are traveling for business or for pleasure, do you regularly find yourself spending a fairly large amount of money on overnight accommodations? If you think that you are spending too much money to stay at a traditional hotel, you are urged to examine condos. In the Chicago area, Chicago condos come highly rated and recommend. For that reason, they may be the perfect arrangement for you, whenever you decide to visit the Chicago area.

When it comes to arranging a stay at a Chicago condo, you will find that you have a couple of different options. One of those options involves renting a Chicago condo for the length of your stay and the other involves actually purchasing your own Chicago condo. While you might automatically assume that renting a Chicago condo is the best way to go, you are advised against making your decision on an impulse. Renting a Chicago condo is not a bad choice, but after a close exanimation, you will likely see that it wiser to actually buy your own.

Despite it commonly being wiser to purchase a Chicago condo, instead of renting one, there are still a number of benefits to finding Chicago condos for rent. One of those benefits is the ability to come and go as you please without any worries. When renting a condo, you just need to make your reservations in advance, pay for those reservations, and you are good to go. You have no other responsibilities, aside from keeping the condo in a presentable condition. Not actually having any responsibilities is nice because it allows you to come and go as you please, with out having to worry about keeping up with your condo insurance policy or paying all of your utility bills.

While being able to come to Chicago do what you need to do and then leave without any worries is nice, it may cost you a fairly large amount of money to do so. The amount of money that you end up spending will all depend on how often you come to the Chicago area and how long you stay while there. For instance, if you find yourself traveling to the Chicago area at least once or twice a month, you could expect to pay around two thousand dollars to rent a condo, each trip. In the same aspect, if you are able to find a condo for sale for one hundred thousand dollars, your condo could easily end up paying for itself in around two or three years. Yes, renting a Chicago condo will save you money upfront, but you are advised to think long-term. When you do, you may see just how much money owning your own condo can save you.

Owing a Chicago condo is perfect for many travelers, but that doesn’t necessarily mean that it is right for you. However, with that in mind, you are at least urged to examine Chicago condos that are for sale. Above, one hundred thousand dollar was used as an example of how much a Chicago condo may cost. In all honesty, many Chicago condos cost more than that, upwards of three hundred thousand dollars, but with a little bit of research, you should be able to find affordable priced Chicago condos for sale, some of which start out at around one hundred thousand dollars. Thanks to the internet, that research can be done in as little as a few minutes or a few hours, at the most.

If you would like to look more into owning a Chicago condo, you are urged to examine Condodomain.com. They have a large amount of information on Chicago condos, including condos that are currently available for sale. As previously mentioned, even if you decide that buying a condo isn’t right for you, it still advised that you give available for sale condos a quick glance. Should they still not be right for you, you can further examining rentals.

Michael Singer
http://www.articlesbase.com/real-estate-articles/renting-a-chicago-condo-versus-buying-one-104101.html

does any one knows prices of condo insurance?

How much can cost a condo insurance in florida 2/2?
Does any one of you is a condo owner that can give me and idea about prices?
zip code 33023, if that helps
thank you

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 a phone call away. Try calling your agent or a agent in your area. http://www.goodinternetdeals.com/Home-Insurance.html They should be able to help you.

Is there a discount condo group insurance company for lake county florida?

i need a quote for a 30 unit apartment consisting of eighteen 680 ft3 single and twelve 900 ft3 double bedroom occupancy, condo was built in 1970 in Leesburg, Florida. I NEED AN APPRASIAL FEE QUOTE AND QUOTE FOR $2,000,000 BUILDING INSURANCE. This a non flooding, high ground area with no known past high wind disasters.

Yes, there is.