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

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PostPosted: Wed Sep 12, 2012 11:47 am   Post subject: insurance for condo under an estate  

I am trying to find insurance to cover a condo that is owned by an Estate for about another 6 months. It will not be permanently occupied, but it will not be vacant. I need coverage for the interior of the condo (carpet, fixtures, etc), but not the furniture or other loose contents. I also need liability insurance. I have been having trouble finding anyone who will cover this. Any suggestions?

By the way, the condo is in Florida, beachfront (though not facing the beach).


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PostPosted: Wed Sep 12, 2012 4:07 pm   Post subject:   

Any property and casualty agent in Florida should be able to help you obtain an HO-6 condo owner's policy. But this would provide more coverage than you require. You could not make any claims for personal property that is not yours (and in which you have no insurable interest), even though the policy declarations would provide coverage for it, unless specifically excluded by endorsement.



Alternatively, you should also be able to obtain a Dwelling form policy that more specifically meets your needs. The same agent or broker can obtain this for you.



As a last resort, limited coverage is available through the FAIR plan, and any licensed agent can assist you with applying for a FAIR plan policy. It may not meet all of your coverage needs.



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PostPosted: Tue Feb 12, 2013 5:22 am   Post subject: H06 condo insurance in Florida  

I purchased a 936 sq. ft. 2/2 condo in Boca Raton, FL approximately 10 years ago thru Chase Bank. I am refinancing my condo to get a lower interest rate and now they are asking me to purchase the H06 condo insurance which I had never had or ever told was required until now. There is a master insurance policy the association has but is this type of insurance mandatory by the State of Florida or does this depend on the condo association enforcing it? Do all the Lenders require this with all condo loans now? If so, how much would be considered adequate amount of coverage?


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PostPosted: Tue Feb 12, 2013 8:28 am   Post subject:   

Having an HO-6 policy is not mandatory under state law.



Quote:
Do all the Lenders require this with all condo loans now? If so, how much would be considered adequate amount of coverage?
If a lender wants to make it a condition of borrowing money, then so be it -- there is no law that prevents them from doing so. Although you might not think so, the lender is doing you a favor by requiring it. If you fail to maintain the coverage, they may "force place" coverage on you, and it will be A LOT MORE EXPENSIVE if you let them do that.



The Association's property and liability policy does not cover the inside of your dwelling under most circumstances. An HO-6 covers your property from the inside walls, in, and the association's policy covers from the inside walls, out. If someone/something else (other than you) causes a loss, while the Association's policy would replace the drywall, they won't be responsible for painting or wallpapering it.



But liability losses for damage to the Association's (and other persons') property you cause through negligence are a different matter.



If you cause damage to the outside walls from the inside, your HO-6 liability policy will cover that loss up to whatever limit you purchase. The Association's CC&R's may describe how they must purchase insurance with a $10,000 deductible, perhaps. If that's the case, you would want to purchase at least $10,000 of property liability coverage in order to indemnify them for any loss you cause. But that could be very much insufficient. Carrying $100,000 or more of total property and personal liability protection wouldn't cost you that much more per year in premiums -- your negligence (or that of a member of your household, like a child) could cause losses to your neighbors' personal property for which you could be held separately liable.



Review your CC&Rs and/or talk to a local insurance professional who has better "local" knowledge of your need. Compared to the possible out of pocket expense in the event of a loss -- which might never happen, of course -- the annual premium expense is tiny. You've dodged a big bullet up to this point, but now that you know the gun is loaded and pointed in your direction, you need to get some protection . . . for your own well being.


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PostPosted: Sun Mar 31, 2013 5:44 pm   Post subject: HO-6 condo insurance  

Need quote for HO-6 condo insurance required by my condo association to renew parking on property.


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PostPosted: Mon Apr 01, 2013 4:29 am   Post subject:   

Talk to a local insurance agent or broker. This is not an insurance company website.



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PostPosted: Tue Apr 16, 2013 6:08 pm   Post subject: HO6 Condo Insurance  

I live in Miami. Is this really mandatory to have HO6 Insurance? In your experience what will be an approximately monthly cost for this?

The purchase price of the condo is $239k .

Where I can read about this issue and the law on it?


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PostPosted: Wed Apr 17, 2013 5:31 am   Post subject:   

Condo insurance isn't federally required, nor by the states. But your mortgage lender may ask for it since in 2009, mortgage giants Fannie Mae and Freddie Mac began mandating condo insurance on all condo loans.



But as you are saying that you purchased the Condo, you can avoid having one. However, getting insurance for your home/Condo is always a wise step since this provides coverage for all sorts of property and personal liabilities. Get in touch with a local agent to know about the costs.



Check out this .pdf file by Florida Department of Financial Services to know more:



http://www.myfloridacfo.com/consumers/Guides/Property/docs/Homeowners Insurance Overview.pdf


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PostPosted: Thu May 09, 2013 4:45 pm   Post subject: allstate condo insurance  

Does Allstate HO 6 condominium insurance provide coverage for assessments charged to home owners?


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PostPosted: Tue Oct 15, 2013 5:05 pm   Post subject: HO6 Policy  

I am interested in obtaining an insurance quote for an HO6 Condo policy. My current police covers Dwelling (interior) $35,000, Personal $15,000, Loss of Use $6,000, Liability $300,000, medical $1,000, Fungus/mold $10,000 and water damage $5,000. The residence is is Ponte Vedra Beach, Florida please advise if you would write a police effective 30th Oct 2013. Please respond via email to: Email id deleted due to privacy issues


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PostPosted: Tue Oct 15, 2013 8:22 pm   Post subject:   

First, never post your email address online like you did unless you want someone to try to hack into it. Second, we are not an insurance company. If you are in the market for insurance we recommend that you work with a local independent agent/broker who can accurately assess your situation and needs. The coverage you have listed may not be appropriate for your current circumstances -- you could easily have more than $15,000 in personal property and your dwelling coverage may only be the minimum required and probably needs to be higher. Liability appears to be OK.



If you want responses via email, we recommend creating an account and including your email address in your profile so that your posts/replies will include an email link.



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PostPosted: Fri Jun 27, 2014 2:49 pm   Post subject: Ho6  

Do you have to put your loan number and mortgage company on your policy


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PostPosted: Fri Jun 27, 2014 3:53 pm   Post subject:   

You are bound by the terms of your mortgage loan contract. Since no one here has seen that contract, we cannot give you a definite answer.



However, all of the first mortgage loan contracts I have ever seen require the maintenance of fire insurance to cover the dwelling in favor of the lender. As such, the lender must be named as an additional insured/loss payee. The loan number is incidental, and not necessarily a requirement, because the lender has many ways of proving its legal position.



If your mortgage contract has this provision, and you fail to provide proof that you have named the lender as an additional insured/loss payee as required in a contract of insurance on the property, the lender may force-place coverage to protect its interest in the property at your expense. That language is also in your mortgage loan contract.



What is your objection to doing these two things?



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PostPosted: Thu Jan 22, 2015 3:29 pm   Post subject:   

When purchasing an HO-6 policy for a condominium unit it is very important that you first know what is your responsibility and what is the condo associations responsibility in the event of a loss. You should refer to both your association documents as well as the statutes in your particular state as they may apply as well.

As an adjuster that has handled numerous condo claims I can tell you that you will most likely need more than you think. In Florida, as the unit owner you are responsible for basically everything past the drywall as the drywall is the associations responsibility. That being said, you need to think about how much it could cost you to replace the following: texture on walls and ceilings, paint on walls and ceilings, baseboard, crown molding, floor covering, entire kitchen demo and rebuild, entire bathroom(s) demo and rebuild.

It can add up very fast.

When it comes to personal property coverage that is based on what you have, as the owner you will know best as to how much it will cost you to replace everything.

Also, do not forget about the much need ALE coverage that will come into play if you home is not liveable during repairs and you need to find another place to live.



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PostPosted: Mon Feb 02, 2015 11:52 am   Post subject: quote price  

need for the tenants only, such accident by fall


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