Condo/co-op owners...How much do you pay for insurance?

nov04LIbride Posted: Aug 31, 2005 05:50 PM

Condo/co-op owners...How much do you pay for insurance?

Our home owner policy just expired, and DH is tempted to not renew. Ours was about $500/year. How much do you pay, and do you think it is worth it for peace of mind?

Smiley Posted: Aug 31, 2005 10:29 PM

Re: Condo/co-op owners...How much do you pay for insurance?

We are with State Farm and pay around $250ish. I would definitely want to have Home Insurance, you never know what can happen. Last year there was a fire in the complex that wiped out 4 apartments.

dandj Posted: Sep 01, 2005 09:03 AM

Re: Condo/co-op owners...How much do you pay for insurance?

Is it actually homeowners insurance or is it still apartment insurance? I'm still confused about that.

nov04LIbride Posted: Sep 01, 2005 09:38 AM

Re: Condo/co-op owners...How much do you pay for insurance?

Posted by dandj

Is it actually homeowners insurance or is it still apartment insurance? I'm still confused about that.

Since we own our condo it is called homeowners I think. We were with All State before.

nov04LIbride Posted: Sep 01, 2005 09:39 AM

Re: Condo/co-op owners...How much do you pay for insurance?

Posted by Smiley

We are with State Farm and pay around $250ish. I would definitely want to have Home Insurance, you never know what can happen. Last year there was a fire in the complex that wiped out 4 apartments.

Thanks, that is what I was thinking too. We renewed last night.

fashionbride Posted: Sep 01, 2005 10:20 AM

Re: Condo/co-op owners...How much do you pay for insurance?

palebride Posted: Sep 01, 2005 07:06 PM

Re: Condo/co-op owners...How much do you pay for insurance?

It's always a good idea to have homeowner's insurance!
Especially in a condo or a co-op where you're living so close to other people and can't control what they do!
There was a devestating fire here last year and it took almost a year for the people to move back into their unit.
They had no insurance

bluesashbride Posted: Sep 01, 2005 08:10 PM

Re: Condo/co-op owners...How much do you pay for insurance?

Its more than apartment insurance since apt. insurance or 'renter's' insurance covers just your items inside not the walls, carpet, fixtures, wiring, etc should the place flood, burn or whatever. Condo insurance covers the interior walls and all you stuff and your condo association's should cover the exterior, like the roof.

ETA: I would get it. You're unit may be effected by other's-such as in a fire. We had 12 units burn down near my old condo (different subdivision but we could see the fire burning across the way!) You just never know!

DjPiLL Posted: Sep 01, 2005 08:24 PM

Re: Condo/co-op owners...How much do you pay for insurance?

This depends.... there is a difference between a Condo policy and a Co-op policy.

If the OP was more specific... that would help on how much it should cost.

nov04LIbride Posted: Sep 02, 2005 10:03 AM

Re: Condo/co-op owners...How much do you pay for insurance?

Posted by DjPiLL

This depends.... there is a difference between a Condo policy and a Co-op policy.

If the OP was more specific... that would help on how much it should cost.

Sorry, I thought this post clarified.

Posted by nov04LIbride

Posted by dandj

Is it actually homeowners insurance or is it still apartment insurance? I'm still confused about that.

Since we own our condo it is called homeowners I think. We were with All State before.

Sasha96 Posted: Sep 02, 2005 06:37 PM

Re: Condo/co-op owners...How much do you pay for insurance?

In our condo we used to pay around $250 with Allstate. You should check your by-laws. There may be a clause that states you must carry the homeowners insurance (if I read correctly that you were thinking of not carrying....but you may have ment not using the same company).

Sasha96 Posted: Sep 02, 2005 06:40 PM

Re: Condo/co-op owners...How much do you pay for insurance?

Also, you may want to review your coverage amounts and deductable amount. Really, IMO, a deductable less than $1000 doesn't make sense b/c if something goes wrong that is between $500 (typical deductable) and $1000 you could probably pay to fix it yourself rather than get a couple hundred from the insurance for the job and then have to pay an increased premium.

DjPiLL Posted: Sep 02, 2005 10:59 PM

Re: Condo/co-op owners...How much do you pay for insurance?

Posted by nov04LIbride

Sorry, I thought this post clarified.

I wasn't sure which one you were talking about cause the subject says condo and co-op.

With a co-op... you need co-op insurance... which covers your personal belongings... as well as all the fixtures in your apartment (kitchen cabinets, sinks, toilets, etc.) The co-op board insurance usually covers the structure itself... but they will usually only rebuild to the sheetrock. You are still responsible for installing a bathroom, kitchen, etc.

I thought condo insurance was no different than homeowners insurance? Don't you need to insure the actual structre of the condo as well as your personal belongings?

heidla Posted: Sep 03, 2005 04:41 PM

Re: Condo/co-op owners...How much do you pay for insurance?

We have insurance on our co-op and it is refered to as Dwelling Insurance I believe. Ours is through Liberty Mutual and is around $600 a year, but that also includes a policy for my e-ring.