Posts tagged "Studs"

Do I need condo insurance in Fl?

I have a mortgage for about $157,000. I guess the previous owner paid it off for the year. Any idea how much I will have to pay for 2008? Can I pay in installments?

First, the previous owners insurance will NOT cover you, it is not your policy, it is their policy. They probably cancelled it by now anyway since FL property insurance is so expensive. Your mortgagee will probably want a copy of the master policyi showing building coverage. If they have a flood policy, that can be assigned to you & then you take over the policy.
A condo policy will cover building items you are responsible for (sometimes studs in, sometimes drywall in, sometimes only additions & alterations to the original unit), your contents (usually worldwide with some limitations), your liability (usually worldwide) & your loss of use. It also covers loss assessment. Loss assessment is when there is a loss to common property that is not covered by the association & they assess all of the unit owners a portion of the loss. BUT & this is a big but, only $1,000 loss assessment coverage is for the master policy’s deductible, so if it is a loss to only your unit & the master policy has a $50,000 deductible, your policy will only pay $1,000 towards the deductible. If the loss can be assessed to 50 unit owners (example – loss to the pool house), the coverage is OK. This cannot be increased, it is written into the policy form.
Good luck to you, insurance in FL is very expensive, but condo policies are not as bad as homeowners policies.
Start calling independent agents in FL, they are the only ones that can give you a price for insurance. Don’t go to one of the little start up companies that are not rated by AMBest. Either go to Citizens (I know of someone who got coverage there cheaper than one of the little companies) or be sure the company you get is rated by AMBest (see ambest.com). If there was a big hurricane, they would not have the assets to pay the claims.

Do I have to purchase Homeowners Insurance if I just purchased a condo in NJ? What are the pros and cons?

What does the Condo Association’s policy cover vs my own Homeowners policy?

Well, that’s a GREAT question. Read the bylaws, it varies wildly.

Some association policies only cover to the studs – you’re responsible for drywall/plaster, paint/wallpaper, carpeting, appliances, obviously your furniture & contents, etc. They don’t cover any LIABILITY inside your unit, either.

Also, they tend to have large deductibles – like $10,000 to $50,000 or even higher.

So, if you don’t have any coverage, and you have a $15,000 kitchen fire, there might not be ANY coverage under the master policy for you. Or they might pay $5,000 of it. I haven’t read your bylaws, or the master policy, so I have NO idea. You’ll have to do that.

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.

How much is homeowners insurance in IL for townhome that’s not covered by the common insurance?

I’m planning to purchase a townhome and the assessments does include common insurance. I’ve been told it doesn’t protect any misc assets I have in my home in case a disaster occurs. I want to factor this into my monthly expense estimates. I’m looking for a purchase price at $200,000. How much should estimate for homeowners insurance? Is it a monthly and annual payment?

Thanks

You need to call an insurance company for quotes, start with your auto insurance company & go from there. There are many questions, what does the master policy cover? You would need to read the condo bylaws to find out. Does that policy cover everything attached to the unit or only to the studs? Does it cover anything that you add to or alter in the unit? So, you would purchase a condo policy (HO6 form), you would need to find out from the condo association what you actually need to cover. That would be the dwelling limit you need. Then you need to tell the insurance company how much contents coverage you want (if you had to replace everything you own), then get at least $500,000 liability, $5,000 medical payments & get $50,000 (or the company maximum) loss assessment (this covers if you are assessed for damages to common property – simplified definition – you would need to speak to an agent to explain it to you). You would also need to tell the agent the deductible you want (property coverage).
Good luck in your purchase but no one here can give you a quote.
Homeowners insurance is always an annual policy.