Guys..the association of my condo possesses a master policy. Do I need to get any further coverage? Mergie-hassler
Total Comments: 34
Posted: Wed Jun 22, 2011 04:22 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?
Posted: Wed Jun 22, 2011 04:32 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?
Posted: Wed Jun 22, 2011 07:55 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.
Posted: 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.
Posted: Mon May 14, 2012 07:06 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?
Posted: Tue May 15, 2012 07:40 am Post Subject:
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?
Posted: 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?
Posted: Sat Jan 19, 2013 02:57 am Post Subject:
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.
Posted: 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
Posted: Sun Feb 26, 2017 01:14 am Post Subject: iTsinvaOPll
Posted: Wed Jun 22, 2011 04:22 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?
Posted: Wed Jun 22, 2011 04:32 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?
Posted: Wed Jun 22, 2011 07:55 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.
Posted: 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.
Posted: Mon May 14, 2012 07:06 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?
Posted: Tue May 15, 2012 07:40 am Post Subject:
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?
Posted: 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?
Posted: Sat Jan 19, 2013 02:57 am Post Subject:
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.
Posted: 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
Posted: Sun Feb 26, 2017 01:14 am Post Subject: iTsinvaOPll
Learning a ton from these neat arteslic.
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