Always always always talk to an insurance agent.

Message Author
ampm-bookmark
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Fri Dec 12, 2008 9:52 pm   Post subject: Condo master policy  

Absolutely! The master policy only covers the structure of the buildings. Everything inside the condo--the dry wall, the light fixtures, build-in appliances, tub, toilets, personal belongings (TV, clothes, bathroom and kitchen appliances, furniture, right down to the last fork and spoon) is up to you to insure. Also liability insurance, if anyone hurts themselves in your condo. Always always always talk to an insurance agent.


_________________
Register Now to have your Insurance queries solved.
M.A
Guest







PostPosted: Fri Apr 23, 2010 1:00 am   Post subject: Master Policy  

The Master Policy for my HOA states " we provide insurance only for those coverages indcated by a limit or by "include"

COVERAGES

Building - Replacement cost $405,500



What exactly does this mean?

As far as the amount of coverage to getn on my policy, what is an acceptable amount $20k, $35K, $50k, I have no idea what it would cost to replace the electrical, walls, cabinets, fixtures, flooring, etc, etc, etc,


_________________
Register Now to have your Insurance queries solved.
Yongie
Guest







PostPosted: Fri Apr 23, 2010 8:58 pm   Post subject:   

As a condo owner, you are not responsible for damages to the structure that are not your fault. Not for exterior walls, the roof, or wiring in the exterior walls, structural components of floors or ceilings. If the damages result from, let's say, a fire caused by one of your neighbors, the HOA structural policy will repair/replace any non-personal property (cabinets, floor/window coverings, fixtures) items lost or damaged in that event.



Interior stuff like cabinets, floor coverings, interior walls and wiring, fixtures, and such, will be covered by your Condo Owner's policy in the event your negligence causes the damage, subject to any deductible. Your agent should determine the proper liability limits for you. At a minimum, you would probably want $100,000 liability, but $1,000,000 might not be unreasonable, and would be obtained with a combination of a personal policy plus an umbrella liability policy (which would also provide excess coverage on top of your personal auto policy).



Losses to your personal property -- clothing, jewelry, furniture, etc -- are normally covered by your own Condo Owner's policy. Again, however, damages caused by a third party are their liability, but if their money/insurance runs out, you'll be able to claim that excess portion of the loss against your own policy, subject to any deductible.



_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.54 Dollars($)

PostPosted: Thu May 13, 2010 1:51 am   Post subject:   

Examine the Master policy. It is likely that you will need your own to have the coverage you desire that is not, of course, included in the master policy

troybenning
New member
Leave a quick message



Joined: 13 May 2010
Posts: 1

Location: Joplin, Missouri
1.13 Dollars($)

PostPosted: Tue Mar 01, 2011 2:06 am   Post subject: amount of coverage a on ho-6  

Im purchasing a condo for 346,000. what limit should i request for coverage A on the Ho 6 policy.


_________________
Register Now to have your Insurance queries solved.
mikeagent
Guest







PostPosted: Wed Mar 02, 2011 3:55 am   Post subject:   

The purchase price of the condo is not a factor, you need to know what it would cost to replace the cabinets, fixtures, wall and floor coverings, etc., if these items are not covered by the association policy.



As you shop, agents and insurance companies can help you determine how much coverage a you need.



_________________

You can save $100s on car & home insurance, but you have to shop to find the company saving you money. See complaints, & customer satisfaction ratings for all the leading insurance companies at: http://www.smartshopyourcarinsurance.com
Robert742
Preferred member
Leave a quick message



Joined: 28 Feb 2011
Posts: 140


14.52 Dollars($)

PostPosted: Wed Jun 22, 2011 4:22 am   Post subject: determining condo coverage a?  

As a newer agent, I'm able to use replacement cost estimators for home policies to help determine dwelling coverage. My problem lies with the condo policy. What do you other agents do to determine the condo dwelling amount?


_________________
Register Now to have your Insurance queries solved.
JG
Guest







PostPosted: Wed Jun 22, 2011 4:32 am   Post subject: Determining condo coverage A?  

As a newer agent, I'm able to use replacement cost estimators for home policies to help determine dwelling coverage. My problem lies with the condo policy. What do you other agents do to determine the condo dwelling amount?

Gerber
New member
Leave a quick message



Joined: 22 Jun 2011
Posts: 1


1.07 Dollars($)

PostPosted: Wed Jun 22, 2011 7:55 am   Post subject:   

With a condo, you're not really covering the dwelling, you're covering losses to the interior (Coverage A & B) and contents (Coverage C). You just need to know what number of square feet of the dwelling is and apply the local labor & materials cost. Probably $120-$150. 1000 sqft = $120,000-$150,000.



But you really shouldn't have to insure for that much, because the primary coverage for the structure is owned by the HOA. That's why an HO-6 policy can be issued with as little as $1000 for Coverages A & B. Try calling other local agencies and ask what method they use.



_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.54 Dollars($)

PostPosted: Wed Jun 22, 2011 10:38 pm   Post subject: condo  

First..yes you need to buy a condo owners policy, no questions asked. While the master policy provides coverage for the "common areas", in order to determine you real needs in a HO6, you would need to carefully read the "boundries " section of your by-laws. This section details what the association construes to be "part of your unit" . Ie, what they are responsible for and what you are responsible for. In the event of a loss this boundries section dictates where coverage begins and ends under both the master or a UO's policy.

Shelbgt1
New member
Leave a quick message



Joined: 22 Jun 2011
Posts: 2


1.22 Dollars($)

PostPosted: Mon May 14, 2012 7:06 pm   Post subject: central a/c --  

the outside unit of my central a/c unit for my condo was stolen. Is the association responsible for this?


_________________
Register Now to have your Insurance queries solved.
brillom
Guest







PostPosted: Tue May 15, 2012 7:40 am   Post subject:   

Quote:
the outside unit of my central a/c unit for my condo was stolen. Is the association responsible for this?


They would only be responsible as the result of their negligence. In what way were they negligent?


_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.54 Dollars($)

PostPosted: Fri Jan 18, 2013 10:49 pm   Post subject: REFINANCING STIPULATIONS  

Does the HO6 Insurance coverage have to be included in your monthly mortgage payment (as you do with regular tax and mortgage insure through escrow payments) when you Refinance your condo? Or can you opt to purchase and pay the HO6 separately?


_________________
Register Now to have your Insurance queries solved.
Phee
Guest







PostPosted: Sat Jan 19, 2013 2:57 am   Post subject:   

Quote:
Does the HO6 Insurance coverage have to be included in your monthly mortgage payment


This is not really an "insurance" question. It is a question for your lender. Each lender has its own requirements. Some don't care, which is somewhat foolish, others require it.


_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.54 Dollars($)

PostPosted: Mon Jan 28, 2013 12:53 am   Post subject:   

again many answers completely off the mark and some partially correct.



if you are in Florida, there is a state law spelling out who owns what.



regarding the A/C unit, this could go either way depending on the bylaws.



shelbgt1 gave the definative answer


_________________
Register Now to have your Insurance queries solved.
anonymous2
Guest







Quick Reply
Your Name
Subject
Message body
All times are GMT
 Previous  1, 2, 3  Next  
Page 2 of 3


Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

    Connection Error: Connection refused