HO-6 insurance: How much condo insurance do I need?

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PostPosted: Fri Aug 27, 2010 3:09 pm   Post subject: ho6  

I'm trying to get the HO6 just for one month, due a requirement from a Private Loan.


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enrique
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PostPosted: Sat Aug 28, 2010 1:24 pm   Post subject:   

You cannot buy a ONE MONTH homeowner's policy. Minimum term is one year. You could obtain a policy for a year, and then cancel the coverage after a month or two, but you will pay a cancellation charge for doing so.



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PostPosted: Sat Oct 16, 2010 10:45 am   Post subject: Leak from second floor  

The upstairs condo unit had a leak that cause my ceiling to collapse. Is that covered under a HO6? Or should that be covered by the condo assocation policy?


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PostPosted: Sun Oct 17, 2010 2:28 am   Post subject:   

It is covered under your HO6, and also covered under your upstairs neighbor's HO6. If liability was proved to be that of the HO association instead of your neighbor, then the HOA's liability coverage would apply to the claim. You can turn it in to your insurance company and let them worry about it, and sue your neighbor and/or HOA for your deductible.



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PostPosted: Tue Oct 19, 2010 3:30 pm   Post subject: HO-6  

In VA we are purchasing a new condo townhome (stackable) and we are uncertain of what is adequate and what is inadequate coverage. If the dwelling is covered by the Master Policy, why do we need additional of $100K. What is adequate personal property of a fully furnished 2600 sf 3bd/2.5ba home with fam room, dining room and living room? How much insurance is adequate for Loss Assessement? Do we need water back-up ins as we are on the 3rd and 4th floors of the 4 story stackable townhome?

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PostPosted: Fri Oct 29, 2010 10:19 pm   Post subject: financing companies  

can a finance company require the homeowner to purchase building coverage on top of the hoa building insurance policy in place.


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PostPosted: Mon Nov 22, 2010 4:57 pm   Post subject: Building Property  

My HOA insurance policy states that I must insure my FLOOR & WALL COVERINGS. I understand floor coverings, but what does wall coverings entail?


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PostPosted: Mon Nov 22, 2010 5:07 pm   Post subject: Condo Building Property  

My HOA insurance policy states I am responsible for for floor coverings and wall coverings. What does this entail?


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PostPosted: Fri Dec 03, 2010 4:37 pm   Post subject: HO 6  

WAS WONDERING IF IT REQUIRED NOW TO CARRY HO 6 OR IS THERE A LENDER THAT DOESN'T REQUIRE IT FOR A CONDO LOAN


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PostPosted: Wed Dec 22, 2010 3:42 am   Post subject: secondary smoke damage  

I live in a condo (in Georgia). The first floor is a retail level. Recently a Cigar Bar (inside smoking allowed) opened directly under our unit. The stale cigar smell is finding its way to our condo - specifically our master bedroom and bath. We have talked to the business owner and to the management company of the building in regard to secondary smoke health hazard and the smell damaging our carpet, bedding, walls, clothes, etc.

Does our master insurance policy cover such things or our H0-6 policy (or neither)?


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PostPosted: Wed Dec 22, 2010 3:10 pm   Post subject:   

Your insurance does not cover such incursions as cigar smoke. If anything, it is a liability claim against the Cigar Bar's insurance.



Have you talked with any city officials about this -- building and safety, or health department?



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PostPosted: Fri Dec 24, 2010 8:28 pm   Post subject: wind insuarnce  

Is it necessary to include wind insurance for your own condo even if the HOA condominion has it coverd? thank you


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PostPosted: Sat Dec 25, 2010 8:39 pm   Post subject:   

Quote:
Is it necessary to include wind insurance for your own condo even if the HOA condominion has it coverd?




Probably not. Your HO-6 coverage is primarily for your contents, personal liability, and damage you do negligently/accidentally to the interior of the dwelling. The structure itself, and exterior portions such as the roof, are generally the responsibility of the HOA -- see your CC&Rs for details.


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PostPosted: Mon Jan 03, 2011 5:22 pm   Post subject:   

In condos in California, if your next door neighbor caused fire and burned your condo unit, if it covered under your own condo insurance or is it covered under the neighbor's condo liability?



Thanks a lot.


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PostPosted: Mon Jan 03, 2011 7:33 pm   Post subject:   

If there was NEGLIGENCE involved on the part of your neighbor, then he bears most of the liability (to the extent you had no ability to prevent a loss to your property -- known as the "last clear chance rule" -- if there was something you could have done to mitigate your loss, then the portion beyond that point might be your liability) and his insurance would be primary when it comes to covering your loss. Of course, you can simply file the claim with your insurance company and let them deal with the subrogation matter. They may or may not recover your deductible, and if they did not, then you could still file a small claims suit against the at fault party for your deductible.



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