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Condo Insurance Quotes

Posted by whatisho6 on November 18, 2012
Condominium Insurance / No Comments

Condo Insurance Quotes, the reason

Now that condos are becoming a more popular idea due to the growing number of the people retiring, getting divorced or entering the workplace, it is important to get the best condo insurance quote. If you’re moving away from buying a house, this type of insurance will seem familiar as you probably needed homeowners insurance. But now, you will need condo insurance to protect the belongings in your new condo. You will have to protect yourself from those above and around you. And, in the worst case, to protect you of hidden costs from condo issues that may occur if something happens and you damage the condos below you.

Yes, think of condo insurance in the fact that you’re not only protecting your belongings but from damage to others around you. A story I heard the other day. A friend of mine had moved into a rental property. They had two cats. One night they went to bed to awake to 2 inches of water on the floor. Apparently, the two cats had been playing around the faucet. Somehow, they had bumped the faucet and turned it on. To their dismay, the water ran all night long and flooded the apartment. What happened was the water leaked through the ceiling. The water that passed below damaged the furniture and expensive paintings on the wall of the apartment below them.

How to get the best condo insurance quotes

As with all quotes, it’s best to contact at least 3 different companies to get a quote. I always went with some of the most well known. I don’t mess with those unnamed companies only because I don’t want to be the one to discover the bad company in the group. So, choose an established company.

Once you have at least 3 condo insurance quotes, contact your auto insurance company. A lot of times, if you get multiple policies through a company you will get other disounts. And, if you purchase a condo, your auto insurance company may reduce your auto insurance because you are now established. Owning property reduces the costs of auto insurance.

Next, check with your friends. You will be surprised to know how many of your friends have condo insurance. Ask them if they have ever had any issues with their carrier. Do they have any stories? Also, do they have any issues where their HOA didn’t have a good relationship with some insurance companies. In fact, if it’s possible to find out who your HOA uses for condo insurance, check with them first.

So, as always, even though this process will not take long just a couple of phone calls. Check around to get the best condo insurance quotes.

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HO6 Insurance Cost

Posted by whatisho6 on November 12, 2012
Condominium Insurance / No Comments

How much is HO6 Insurance?

Condo insurance, or HO6 insurance, is custom depending on the combination of the condo’s homeowners insurance and your needs. Therefore, the cost of your condo HO6 insurance may vary. But, the good news is that HO6 insurance is relatively inexpensive. How inexpensive? Well, for a condo that runs about $150,000, it can cost you as little as around $500 a year. And, don’t forget the cost of this insurance will be built into the monthly mortgage. So, typically it will be more than renter’s insurance and less than typical homeowner’s insurance.

The reason for the cost differences and the customization of this insurance is due to the Homeowner’s Association coverage. You will be responsible for what the HOA does not cover. So, typically, the HOA condo insurance will cover the outside of the building and all the way up to the walls of your condo. Because of different laws for HOA’s, there may be some differences. So, based on the HOA coverage and what property you want to insure is the reason for the HO6 insurance variances.

HO6 Insurance Costs Versus Renter’s Insurance

If you’re reading this you’re probably stepping into the new world of condos, congratulations, I love mine. Well, when thinking about your insurance, think of it like renters insurance. The main reason is, you are looking to insure your possessions in the condo including things like clothes, stereos, tv’s, furniture, computers, etc.. So, think of it like when you bought renter’s insurance. But., there’s one key difference here. In this case, you also own the appliances in the condo. So, if something happens, you have to think of the costs of replacing those appliances. So, that could be a refrigerator, oven, microwave, sinks, etc. So, if you consider replacing those as well, the costs will go up. So, don’t forget to turn off the iron when you leave.

How much will I need?

 When you talk to your insurance agent, you have to list out everything you actually own. So, it’s a wise idea to keep track of this.  A lot of people take video recordings of all their possessions. You will also have to hold on to your insurance at all times. So, you can’t sign up for it while getting your mortgage approved then cancel it after the first year. For one, it might be a violation with your HOA. But, even if it doesn’t your HOA condo insurance won’t cover that much. In fact, there is probably a higher deductible than what you are accustomed to. So, if something did happen, you would still be responsible for that amount.

Here is a list of things you should consider insuring when they determine the HO6 insurance cost:

  • Artwork
  • Hardwood floors
  • Refrigerator
  • Oven/stove
  • Microwave
  • Granite counter tops
  • Coffee makers, espresso maker
  • Blender
  • Repainting
  • Clothing
  • Computers
  • Cameras (your iPhone maybe)
  • Shoes
  • Bed
  • Bedroom Furniture – Bed, sheets, tvs
  • Living Room furniture – Sofas, couches, tvs,  tables
  • Kithen furniture
  • The list goes on…

So, what’s next? As mentioned before, I had to get both my insurance agent and HOA representative in talks with each other. I actually emailed both of them as an introduction then they did all of the leg work. Don’t forget to get the address. The agent will start running numbers at that point. But, once the HOA and agent are in touch they can start determining where the insurance cost lines are drawn.

 

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What is HO6? – Condominium Insurance

Posted by whatisho6 on November 07, 2012
Condominium Insurance / No Comments

What is HO6?

I discovered HO6 when I bought my first condo. HO6 is the industry term for condominium insurance which stands for Homeowner’s Insurance and it is a key component in insuraing your condominium, belongings and everything within the walls, or as they say everything from the 2×4′s in. When I bought my first condo, I knew I needed some type of condominium insurance but wasn’t sure what type. After all, I had owned homes and it is easy to understand that homeowners insurance would cover everything about the home. But, HO6 is a little different because you are not covering the entire building, only a portion of the building.

What is HO6? The details

 As always, with any insurance policy there can be many details. In general, an HO6 condo policy insures the interior of your condomium. This can include protection from theft, fire, hail, smoke, water damage, electrical damage, and many others types of loss. And note, this covers everything from the walls of the condo to the inside. The condo homeowners association should have a policy that covers the building. So, when you put the two together, you should have complete coverage for your condominium.

Do I Need HO6?

I discovered HO6 when I was applying for my condominium loan, which in this case was an FHA loan. Specifically, my mortgage broker contacted me and asked me if I already had it. I had never even heard of HO6, so he had to explain it to me. And, if I didn’t get HO6, then I couldn’t get the loan. Later, I found out that in addition, the condominum needed a copy of my HO6 policy as well. So be prepared to send a copy over once you move in so you should get an electronic copy of it. The good thing is that if you contact an insurance agent, it doesn’t take that long to get a quote and get it implemented. In fact, it took me an afternoon. When you close on your condominium, this amount of insurance will also be tied into the closing costs or applied to the monthly payment.

When you get your quote for HO6, check with the Homeowners Association (HOA) for the complex. As mentioned previously, I had to hand over a copy of this to my HOA. So, check with them to find out the minimum coverage. If you don’t, you may have to come out of pocket to increase your coverage after all is settled. That’s not a good thing to find out as your moving in and gaining new costs. My HOA had a prepared document that I could use to actually send to the insurance company. Then the insurer can actually compare the two to make sure everything is covered.

 

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