Condo Insurance - What should I consider when purchasing?
913036
Okay.  To be honest, this is a question that the Condo-owners Association normally doesn't understand themselves. The answer to your question, lies in the Condo. Assn. Documents. It's in the "doc's" under headings, like "Insurance Requirements" or some similar verbage. Now the "doc's" can be some 300 or more pages, so a little investigation is necessary.\n\nYou should go to a large, well known property insurer for the state of New York. It may cost a couple of bucks more a year to do this, but believe me, It's worth it if you have a claim....Ask the agent for a "Condo-Owners Policy". Now, I am assuming that you own the condo. If you are a renter, then the whole story changes, but...\n\nThe HO-6 Condo policy, will cover, pretty much, whatever the Condo Association policy doesn't, as far as, your property. From, floor and wall coverings to the comforter on your bed, though these are separate parts of the HO-6 policy. The policy is broken down into 5 basic coverage sections.\n\nA - Building Items (Kitchen cabinets, floor & wall coverings,sinks, Vanities, Etc..)\n\nB - Other Structures ( Sheds, Fences, etc...)\n\nC - Personal Property (From your best pair of shoes, to your toothbrush)\n\nD - Additional Living Expense ( If your house is too damaged to live in)\n\nE - Personal Liability ( Anything, legal, that you might be "legally liable" for. This coverage also includes "Medical Payments to Others" coverage, if someone slips and falls at your home, or the like.\n\nThe coverage you purchase, will normally be based on the "Coverage A Limit". So if it would only take $50,000 to rebuild the inside of your condo, you may only get $25,000 for "Personal Property" coverage. If you need more, it can be purchased.\n\nWas that a long answer to a short question?\n\nGo find a good local agent, and make him /her explain the coverages. If they can't do it, you might just want to keep looking......You could already know more about it than them.
250227
One way would be to set yourself up with a General Agent. I use Bisys for this. Go to www.bisysinsurance.com for more info.
300720
Actually in the Vegas market, Condos will appreciate more (by percentage) than houses over the next few years.  Every market is different.\n\nCondos are usually less money to get into.  Minimal maintenance.  Easier to rent out if you need to in the future.  Most have access to a pool and workout center.\n\nAssociation fees are usually a little higher than a house, but you are not required to have full insurance coverage as your association covers that.
200907
renters or homeowners insurance.  also, get a rider for additional personal liability.
69634
consider yourself lucky to be a new home buyer.  Yes you will have more out of pocket costs initially but you will receive tax benefit bigger then you have received previously.  You will have an association fee, hazard insurance, taxes etc...  your interest on your home loan is a write off.  Talk to your tax advisor for more details on the benefit.  Write me an email and I'll send you a free .pdf on the benefits of home ownership if you prefer.\n\nYou need to know your current county tax base.  In CA we estimates taxes at 1.25% depending on the county the home is locate in (your taxes may higher so check with your county recorders office or ask a realtor, they will know).  Hazard insurance can be estimated at $50 or less for your condo (just a guess) and your association is based on your HOA (Home Owners Association) so ask them or simply ask any current owner what they are today.
217681
You're the only one who can answer this, but something to consider is are you willing to pay a huge amount of money to have someone for fixups or are you handy enough to do it yourself. Condos have high fees, while townhome have a smaller HOA. Also, for this reason townhomes sell faster than condos.
740411
In Nevada you'd have a hard time getting a lower deductible than that.  Insurers are not willing to accept too much exposure to loss for EQ since it is catastrophic coverage and usually only people close to fault lines are interested in buying it anyway.\n\nEQ deductibles are usually based on a percentage of the building's value.
283680
Long Term Care Insurance is exactly that. One Company doesn't sell something different. They are all expensive and you get what you pay for. If you're going to buy a policy, shop around as they can vary quite a bit on price for the same coverage.
184041
They will tell you what your rights and responsibilities are with regard to the condo association and your ownership.  They will tell you if there is anything unusual about this particular condo.  They will read hundreds of mind-numbing pages so that you don't have to.\n\nHere's an interesting one that a condo association slipped into a public offering that I recently reviewed:  the association has hazard insurance for the building.  But there is a deductible of $5000 and the condo association will only pay $250 of that $5000 deductible towards each unit.  So in the event of a fire the unit owner has to pay $4,500 before the condo association's insurance will kick in.  (That is insurance that all of the owners pay for as part of their monthly maintenance payments.)  The unit owner can obtain a rider to their homeowner's policy that will cover them for that additional deductible for a small amount per year but would you have known about that?  No.  Not unless you read the offering plan or had an attorney review it for you.
181960
You need to do some math. What are you spending now on rent for a similar place? Now figure out how much the mortgage, homeowner's dues, and property taxes are. Then factor in the tax deduction for the mortgage interest and property taxes. You may qualify for a first time home buyer's tax credit, check with your county. Then compare what you're spending on rent versus what you would be spending on the condo. If they are close, then yes it is a good time.
298114
Did you get quotes for the homeowners insurance?  You can find a local agent here: http://www.findlocalinsurance.com\nAt the settlement table make sure to question everything.  They are supposed to go over all the fees and interest rates with you.  Make sure everything is exactly what you had expected.  Once settlement is over, its very hard to get corrections.  Good luck with the new house!
1120452
I happen to live where they are based, and from the experiences that I have had with them they have been worth it. Please understand that they are a supplemental insurance, meaning that they pay what your "other insurance policy" doesn't cover. If there is something that you don't understand about the policy, call the toll free number and they will be glad to answer any questions you have. I personally know the CEO of the company, and several of my friends, and relatives work there. They have been in business for as long as I can remember, and have billions in assets. They do offer several different policies, so choose only what you think you would need. Also you can ask the sales rep all of the questions that you might have, if they can't answer, then call the toll free number. Hope this helps!!
236191
What kind of insurance are you looking for?
923798
You shouldn't, but call your agent to make certain.\n\nDo you have rental reimbursement on your policy?  It's inexpensive and worth it when you need it.
433852
The condo association should provide you with a copy. I'm surprised you bought a condo without having a set of the rules in hand. The next surprise may be yours.
556429
If you are planning on expanding your property, i wouldn't buy it since it cannot be built on. But, if you are just wanting it to be your property and are keeping the woods, or extending your back yard, go for it. In closing costs, they would be lower than purchasing the house because the lot would have a far lower tax amount and I don't think it would need insurance. Of course, Title company fees and Realtor fees would be the same. They will give you documents with your title papers that will tell you what the taxes will be on the property and they will be separate from your taxes on your home because taxes are charged per lot unless they are surveyed together.
508560
The only advise I can give you is to buy something now. Even if it is a small condo. That way, you are building equity and not throwing money away on rent.\n\nThen, 7 years from now, you will have much more to put down and can afford a better house.\n\nFor more details, consult a realtor. Just remember, any service (mortgage, inspector, title company, etc) that a realtor recommends will be paying the realtor a 'finders fee' which ultimately comes out of your pocket. Let the realtor tell you what you need and then shop around for the right people.