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 Posted: Fri Dec 12, 2008 9:52 pm Post subject: Condo master policy |
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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.
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M.A
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| Posted: Fri Apr 23, 2010 1:00 am Post subject: Master Policy |
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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,
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Yongie
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| Posted: Fri Apr 23, 2010 8:58 pm Post subject: |
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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.
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MaxHerr
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| Posted: Thu May 13, 2010 1:51 am Post subject: |
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| 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 |
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troybenning
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| Posted: Tue Mar 01, 2011 2:06 am Post subject: amount of coverage a on ho-6 |
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Im purchasing a condo for 346,000. what limit should i request for coverage A on the Ho 6 policy.
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mikeagent
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| Posted: Wed Mar 02, 2011 3:55 am Post subject: |
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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.
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Robert742
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| Posted: Wed Jun 22, 2011 4:22 am Post subject: determining condo coverage a? |
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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?
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JG
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| Posted: Wed Jun 22, 2011 4:32 am Post subject: Determining condo coverage A? |
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| 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? |
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Gerber
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| Posted: Wed Jun 22, 2011 7:55 am Post subject: |
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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.
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MaxHerr
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| Posted: Wed Jun 22, 2011 10:38 pm Post subject: condo |
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| 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. |
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Shelbgt1
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