What type of Home Owners Insurance do we need for our San Francisco condo?
We own a 1 unit of a 2 unit condo in San Francisco. We have a separate policy that covers our personal property within the walls of our unit. We and the owners of the other unit form the Home Owners Association, and are trying to figure out if we need a separate policy to cover the exterior and the yard, or if we can each get separate policies to cover our share. Any advice?
The HOA should get the master policy for the exterior and common areas. Do this so that you’re each not personally liable if something goes wrong – the HOA will be liable. For example, if a part of the building falls down and kills someone, you don’t want that on your personal insurance – that will likeley be excess and you’ll be responsible for what the insurance doesn’t cover.
Categories: condo insurance Tags: Advice, Hoa, Home Owners Association, home owners insurance, insurance, Insurance Cover, Personal Insurance, Personal Property, San Francisco, Unit Condo
About how much would property insurance be on a new condo?
I am looking to buy a brand new condo in Jacksonville, Florida for about $138,900. How much would my property insurance be? I know a lot of factors determine the price, but a rough estimate would be nice. Also if anyone knows how to calculate this, that would be greatly appreciated. Thank You
The property insurance (OUTSIDE) for a condo is covered in your Home Owners Association. If you want to get insurance to cover your personal property (inside) you get insurance for your belongings which would be very inexpensive, maybe $2-300 per year. It’s the equivalent of renters insurance.