by Guest » Tue Jun 12, 2007 03:40 am
Many individuals think that since the association owners have purchased insurance on the association they don't need insurance to protect their home. While it is true that the association owner will cover if your condo roof flies off, it will, however, not cover damage to any item inside your condominium. So, you need to get a separate coverage for your own safety.
What does HO-6 insurance cover?
A typical condominium insurance covers damage to your condominium, your belongings from perils like lightning, explosion, hail, windstorm, fire, civil disturbance, vandalism, theft, damage from falling objects, aircrafts or other vehicles and smoke.
How much condo insurance do you need?
To be able to determine how much condo insurance you need you must make a checklist of things you have to insure. You can begin by reading the master policy for the association. By reading the master policy you can find out what it covers and how much your condominium will be protected in case of any damage.
You can make a list of the things you would be responsible for like the flooring of your condo or the wall coverings, the plumbing fixtures, cabinets, any built-in appliances, lighting fixtures and any improvements made to your condo. Take some time out to add everything up to get an idea of home much condominium insurance you need.
Making a list of the personal property that you own would be a good idea to assess properly the amount of insurance you need to buy. Ask your agent for a content replacement option and how much it would cost you. Set your personal liability at a high limit to get a good amount of coverage. You could do the same for 'Loss Assessment' to cover you for big losses.
You can make a list of the things you would be responsible for like the flooring of your condo or the wall coverings, the plumbing fixtures, cabinets, any built-in appliances, lighting fixtures and any improvements made to your condo. Take some time out to add everything up to get an idea of home much condominium insurance you need.
Making a list of the personal property that you own would be a good idea to assess properly the amount of insurance you need to buy. Ask your agent for a content replacement option and how much it would cost you. Set your personal liability at a high limit to get a good amount of coverage. You could do the same for 'Loss Assessment' to cover you for big losses.
What you need to know before buying condominium insurance?
Master policy: Go through your master policy for the condominium to find out how much you are covered under that policy. Based on that you could assess what you need to cover to protect your condominium and your possessions from any damage due to a peril.
Deductibles: There is usually an association deductible in condominium insurance. So in case of a disaster be prepared to pay the deductible that will be divided amongst the unit owners.
Coverage required: Determine what you need to cover in your condominium and based on that draw up an assessment of the amount you need to invest in insuring your property.
Cash value or replacement cost: Find out which one you are opting for. A cash value will give you only the current value of an item minus the depreciation costs while a replacement cost would offer the total cost of replacing the item.
Interior structure and contents: Your association will not cover your personal property and the contents inside your condominium. You need to purchase coverage for the structure of your home and the contents inside your condo separately.
Flood and wind coverage: Make sure you buy flood if you live in a flood prone zone. Wind coverage is generally included in a typical policy.
Deductibles: There is usually an association deductible in condominium insurance. So in case of a disaster be prepared to pay the deductible that will be divided amongst the unit owners.
Coverage required: Determine what you need to cover in your condominium and based on that draw up an assessment of the amount you need to invest in insuring your property.
Cash value or replacement cost: Find out which one you are opting for. A cash value will give you only the current value of an item minus the depreciation costs while a replacement cost would offer the total cost of replacing the item.
Interior structure and contents: Your association will not cover your personal property and the contents inside your condominium. You need to purchase coverage for the structure of your home and the contents inside your condo separately.
Flood and wind coverage: Make sure you buy flood if you live in a flood prone zone. Wind coverage is generally included in a typical policy.
Related reading:
- Home owners insurance for condominium and single families
- Do you need more insurance than the master policy for a condo?
- Why do you need condo insurance?
I have a question about ho-6 insurance. I need to purchase an ho 6 insurance policy which will, among other things, cover replacement cost for internal real property (drywall, wall coverings, carpet, window treatments, etc.). What's the rule of thumb on how much coverage to get for internal real property? The purchase price of my condo was $115k.
Posted: Tue Jan 04, 2011 10:32 pm Post Subject:
Thanks for your answer, what happens if the condo neighbor caused fire to your unit but has no condo liability insurance?
another scenario is if the neighbor does not have condo liability insurance but he owns another home and has homeowners insurance (HO-3), will the homeowners insurance liability cover his fire damage to other units?
Thank you very much.
Posted: Wed Jan 05, 2011 06:54 pm Post Subject:
what happens if the condo neighbor caused fire to your unit but has no condo liability insurance?
That's part of the reason you have your own property coverage. You would sue the rat for not having liability insurance, and have to pay back any money you collect to your insurance company (it's called subrogation), up the full amount they paid on your behalf.
if the neighbor does not have condo liability insurance but he owns another home and has homeowners insurance (HO-3), will the homeowners insurance liability cover his fire damage to other units?
Probably not, but it would be worth filing a claim, since liability is a "personal" thing, and a claim could follow to another underlying policy. To be successful, you would have to prove that he DIRECTLY caused the fire that led to your damages (such as he left a candle burning, or he was careless in the use of a welding torch -- something like that).
Posted: Fri Jan 07, 2011 11:38 pm Post Subject:
What happens if the fire is not due to "NEGLIGENCE"? Then who is responsible for the damages to the other units? The Condo Association's Master insurance liability or the neighbor's condo liability insurance or your own condo liability insurance?
Thank you.
Posted: Tue Jan 25, 2011 10:07 pm Post Subject:
I would like to ask
Posted: Wed Jan 26, 2011 01:37 pm Post Subject:
What happens if the fire is not due to "NEGLIGENCE"?
Sorry, did not see this until now. What was the cause of the fire? Where did it start?
Posted: Thu Feb 03, 2011 06:50 pm Post Subject: Insurance
Does Florida lew require for a owner to have HO-6 policy?
Posted: Fri Feb 04, 2011 02:35 pm Post Subject:
No state REQUIRES anyone to have insurance on a condominium. You lender probably does, in order to protect its interest in your property.
Posted: Fri Apr 29, 2011 02:25 pm Post Subject: HO6-sheet rock, state of Florida
my insurer says that the condo association, not the HO6, is responsible for the sheet rock to replace damaged walls. Can you please clairfy? Thank you
Posted: Fri Apr 29, 2011 02:54 pm Post Subject:
Your insurer may be wrong. You'll have to read the CC&Rs for your association to know what you are or are not liable for in the event of a fire or other loss inside your unit.
Posted: Tue May 17, 2011 02:15 pm Post Subject: basic insurance for condo
Florida law required liability insurance, what is minimum
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