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Insurance Needed For A Condo?

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Insurance Needed For A Condo?

Postby Hamlin » Sat Oct 07, 2017 8:37 am

I've owned a home, but this is my first condo so not sure what differences I need to take in consideration...

I was told insurance was included in the homeowner dues.
I need to find out what type exactly.
I know it's not earthquake insurance.
It's a 2nd floor condo so no flood ins is needed, but what would be the type of insurance I need for a condo?
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Insurance Needed For A Condo?

Postby Denten » Wed Oct 11, 2017 3:13 am

You need to get a homeowners insurance and fire insurance. Ask you home owners association what insurance is included. You should have gotten all the info when you purchased your condo.
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Insurance Needed For A Condo?

Postby Iddig » Thu Oct 12, 2017 3:59 am

Insurance that the condo association can buy will protect the condo association, not you.

You need to buy condo insurance.

Form 1 policies are basically just fire insurance - good for a barn, perhaps, but not for a a residence.

Form 2 policies (Broad form) cover everything in a Form 1 plus building collapse; freezing of or accidental discharge of water or steam from internal plumbing, heating, air-conditioning systems or domestic appliances; falling objects; weight of ice, snow or sleet; rupture or bursting of steam or hot water heating systems; and personal liability

Form 3 policies (Special form) covers risks of direct loss to physical property except certain specified exclusions, such as earthquake and flood, for damage to or loss of the home (dwelling) or other structures such as a garage; all perils covered by Form 2 for damage to or loss of personal property (contents); and personal liability.

Most agents don't even tell homeowners that Form 1 and Form 2 policies exist, because if the customer gets a loss that would be covered by Form 3, but not by what they got sold, it gets really ugly.

Form 4 policies are for renters. They get Form 2 coverage, plus personal liability.

Form 6 is designed for condominium owners to cover their personal property and liability, their portions of the building and loss of use from the same perils as Form 2.

Being a second-floor condo does NOT mean you don't need flood insurance. If your place is 10 feet above ground, and the flood waters rise to 8 feet, you won't be able to live there. In fact, the first floor might collapse from the flood. But unless you live in a flood plain, you cannot buy flood insurance at any price whatsoever.

So get yourself a Form 6 policy. And while you're talking to the insurance agent, ask about the availability of flood insurance and quake insurance. You should also ask about an HO-15 rider if you have any significant investment in guns, furs, jewelry, computers and other personal property.
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