Guys..the association of my condo possesses a master policy. Do I need to get any further coverage? Mergie-hassler
Total Comments: 34
Posted: Mon Oct 13, 2008 09:22 am Post Subject:
You're learning a lot!
Posted: Mon Oct 13, 2008 10:18 am Post Subject:
Well, I guess if Mergie-hassler wants protection from perils like accidents, theft or any other condition that may cause financial loss, would a homeowner's or renters insurance help. I believe the experts can help in this matter.
Posted: Mon Oct 13, 2008 01:46 pm Post Subject:
If she lives (and owns) in a condo, she needs her own condo policy.
Posted: Mon Oct 13, 2008 09:19 pm Post Subject:
Tink that sums it up well Life. It would be in her best interest.
Posted: Fri Dec 12, 2008 09:52 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.
Posted: Fri Apr 23, 2010 01:00 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,
Posted: Fri Apr 23, 2010 08:58 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.
Posted: Thu May 13, 2010 01:51 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
Posted: Tue Mar 01, 2011 02:06 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.
Posted: Wed Mar 02, 2011 03:55 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.
Posted: Mon Oct 13, 2008 09:22 am Post Subject:
You're learning a lot!
Posted: Mon Oct 13, 2008 10:18 am Post Subject:
Well, I guess if Mergie-hassler wants protection from perils like accidents, theft or any other condition that may cause financial loss, would a homeowner's or renters insurance help. I believe the experts can help in this matter.
Posted: Mon Oct 13, 2008 01:46 pm Post Subject:
If she lives (and owns) in a condo, she needs her own condo policy.
Posted: Mon Oct 13, 2008 09:19 pm Post Subject:
Tink that sums it up well Life. It would be in her best interest.
Posted: Fri Dec 12, 2008 09:52 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.
Posted: Fri Apr 23, 2010 01:00 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,
Posted: Fri Apr 23, 2010 08:58 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.
Posted: Thu May 13, 2010 01:51 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
Posted: Tue Mar 01, 2011 02:06 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.
Posted: Wed Mar 02, 2011 03:55 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.
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