Posts tagged "Condos"

Find Out About Home And Contents Insurance Today

Article by Linnette Catherin

Everone in our society needs to be concerned with home and contents insurance that will protect them and their family. Chances are you have found your way to this article because you want to learn more about home and contents insurance. Well if this is the case then you want to ensure that you read this entire article as we are going to provide you with some great information that will help anyone make sure that they are insured the way that they will feel protected.

Anyone who has a home or a roof over their head needs to understand the importance of home and contents insurance and how it can protec them and their loved ones. This is a way of protecting your most valuable possessions should they ever be lost.

What does it actually cover?

Home and contents insurance will cover your wordly possessions such as furnitur, jewelry, kitchen utensils, clothing, bedding, furniture, or anything else that you have in your home. In fact if you ever experience any type of vandilism, natural disaster or anything else that damages or destroys your home you will be covered.

Many people do not realize how vital it is to have home and contents insurance in case this does happen. We all know that as homeowners you can not get a new home loan without being properly protected. The people who seem to not have enough insurance are people who are renting homes, condos or even apartments.

Do not wait until it is too late to get home and contents insurance otherwise you could end up regretting it if you do have an accident that puts you out on the road. The best part is that you can easily find the right coverage that will fit into your budget so you do not have to worry about how you are going to pay for it.

About the Author

Everyone needs to know about home and contents insurance before it is too late. Find out what you need to know about household contents insurance.

Mortgage Refinancing and Condo Buying Now Much Harder

If you’re planning to buy a condo or refinancing your condo you might sense the mortgage credit and mortgage refinancing squeeze.

Due to the results of the huge investors like Fannie Mae and Freddie Mac including the new stiffer restrictions by mortgage insurers for condos, being able to refinance your condos mortgage seems to be tougher than one might have thought.

Starting May 1st one of the biggest private mortgage insurers will not cover refinancing condos or new buyers of condos in countless ZIP code areas around the country that have seen a “decline” in mortgage credit and market conditions.

Even if the market was at its healthiest a condo buyer will need to put a minimum of 10 percent down payment. Mortgage insurers would also reject and condo applications if more than 30 percent of the owners of the condo are investors.

Those condo buyers that have a 20 percent down payment would not feel the affects of the mortgage insurers cutbacks. Mortgage insures will continue to refinance mortgages and continue to take applications for condo buyers that have at lest 10 percent.

Huge mortgage refinancing lenders have issued new guidelines that make it tougher for mortgage refinancing lenders to make loans available to buy condos or refinance mortgages.

To insure these guidelines for condo buying or refinancing are followed loan officers now need to take into account the number of condo owners are late on fees, their legal information, the amount of commercial space available and percentage of investors that are owners of condos.

Smaller lenders find these new guidelines for condo buying and mortgage refinancing unfair. The complain that smaller insures due not have the man power to carry the extra work to help mortgage refinancing and condo buying.

Loan officers are required before approving applications for mortgage refinancing or condo buyers to confirm that minimum 10 percent of the condos budget is available for “capital expenditures and deferred maintenance.” Some lenders feel that many loan officers would not approve applications for mortgage refinancing or condo buyers if they see that less than 10 percent of the “budget” is available in non physical items even if it includes insurance.

The bigger mortgage lenders say that although mortgage refinancing and condo buying applications are going to be more difficult because of all the extra paper work including the extra man power needed is going to be difficult it is necessary because of the decline in condo and homes around the country.

President of Family Choice Mortgage Corp a Connecticut based business has said that in these difficult times in the economy potential condo buyers and people who would like to have their mortgage refinanced many will hear that they can not be accepted as qualified buyers until all of the paper work is submitted and qualifies. Some condo buyers and people that want to have their mortgage refinanced even with good credit and equity may find the process difficult.

Some private mortgage lenders are now refusing to approve condo units in the same condo project after a certain percent to help restrict their exposure to any losses.

President Of Equitable Mortgage Corp., Bruce Calabrese has said that even he would have trouble refinancing his mortgages on his two condos even though he is in the business.

-M Petrone

Refinance FAQ & Advice

M Petrone
http://www.articlesbase.com/real-estate-articles/mortgage-refinancing-and-condo-buying-now-much-harder-674646.html

Need condo insurance in Florida?

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.

Orlando Condo Insurance Rates?

I am starting to look at condos and townhouses in the Orlando/Sanford area and am trying to figure out my budget for what I can afford. Does anyone know a ballpark rate for condo insurance in this area that I can use for planning? I know generally this is covered in the HOA dues, but the bank may require additional coverage. Also, does anyone know what the ballpark rate is for single family homes in case I peruse that path?

home insurance covers lots of different things. I don’t understand all the fine print of my policy, but my homeowners insurance agent is always helpful. Try visting your agent or a agent in your town. http://www.goodinternetdeals.com/Home-Insurance.html They will be able to assist you.

Do I need additional condo insurance other than what I pay in HOA fees?

I pay about $800 every three months in HOA fees. Do I need to carry additional condo insurance if I have a mortgage with Countrywide or do I just call them and give them the condo assoc. insurance info?

The HOA would have had to provide Countrywide with a copy of their blanket insurance on the condos before you would have ever closed on the condo. You don’t have to carry additional insurance basically on a condo all you would carry is renters insurance which would cover the interior and contents only. the HOA’s insurance policy would cover building the outside of the unit if a fire occurred, your insurance would cover rebuilding the inside and replacing all of your items lost. My HOA covers not only the outside but rebuilding the interior of the unit to the condition I purchased it at. I still carry additional renters insurance for this along with content insurance to replace what I lose.

If you choose to get renters insurance you do not need to provide this to countrywide as it’s irrelevant to them.

Condo Insurance in Chicago

Chicago ranks third in the nation in terms of condos that are expected to be completed this year, with 8,533 more units to hit the market. A condominium or condo for short is a legal term describing a type of joint ownership of real property in which portions of the property are commonly owned and other portions are individually owned. The condominium consists of units in a multi-unit dwelling where each unit is individually owned and the common areas like hallways and recreational facilities are jointly owned by all the unit owners in the building. Condo insurance protects the owner from expenses that may be incurred because of this joint-ownership aspect, as well as other common things related to home ownership.

Condo insurance in Chicago is different than any other type of insurance, because you have both common and individual insurance needs. The condo association is responsible for insuring the exterior, while you have to cover your personal property and liability damage.

The responsibilities of your condo association are described in the master insurance policy. Usually covered are the outside of the building’s structure, including the roof and common areas such as pools and sidewalks. The master policy does not insure the inside of your unit or any of your personal belongings. And this is exactly why you need condo insurance in Chicago.

Chicago condo insurance covers your personal belongings, personal liability, additions, alterations, wall fixtures, floor and ceiling of your unit. Have in mind that all condo insurance policies are not alike, so you must have a good understanding of the matter.

Condo insurance provides two types of coverage-actual cash value and replacement cost. With the replacement cost coverage the contents of your condo are covered up to the amount that it would cost to replace your belongings with items of like kind and quality. Of course, this type is more expensive. With the actual cash value coverage, your house or property is covered for the depreciated amount, based on the actual value at the time of loss.

The important thing is to make the right choice between thee two types of coverage. The idea is to hit the correct balance because don’t want to be under-insured, but at the same time you don’t want to pay for insurance you don’t need. Consult with an insurance company, ask them for assistance with determining how much condo insurance you need. Check what parts of the interior are covered by your condo association’s insurance and what items are your responsibility. Liability coverage is always needed, because the master policy does not provide any liability coverage for your unit or your personal exposures.

The purpose of condo insurance is to cover the gap between your condo association’s master policy (which insures property owned by all unit owners) and your property and personal liability protection.

A condo insurance policy can include:
-Personal property coverage-furniture and personal possessions
-Optional property coverage-such as special coverage for important items
-Personal liability protection-in case you are sued for accidentally causing other people distress or damaging their property
-Additional living expenses-covering the expense if you have to move out of your condo while it is being repaired.
-Additions and Alterations-for changes you have made to the condo
-Loss assessment coverage-if commonly owned property is damaged
-Deductibles-applies to property losses only.

Dave Badge
http://www.articlesbase.com/real-estate-articles/condo-insurance-in-chicago-64532.html