- This topic has 7 replies, 2 voices, and was last updated 10 years, 1 month ago by Anonymous.
- May 9, 2011 at 10:34 pm #209174AnonymousInactive
It’s been almost a year that my family*has been house-hunting in the Seattle area, and with every passing day (and the end of our rental lease nearing) – all is*becoming more and more depressing….
Having lived in many different areas of the country, it just seems to*me that $600K does not buy a whole lot in the commutable suburbs (and certainly not in Seattle). Either the homes are small and in dire need of updates… or the lots are tiny… or*the the yard is*unusable/sloped…. or the school is bad… or the house is*on a noisy road… or the home is simply too far from Seattle to commute*(i.e. Gig Harbor).
Crying, screaming and pulling (my) hair hasn’t been very productive – So what to do??!!! -*Settle on something – rent – or move away? Detroit and Phoenix home prices seem awfully appealing right now- comparing them to Seattle….
- June 18, 2011 at 3:32 am #441724AnonymousInactive
it is worth it…also its not as expensive as you might think…its just for contents…if you have expensive furnishings or other valuables you should consider some …most policies will cover theft and the like…its up to you
- June 18, 2011 at 3:58 am #441725AnonymousInactive
It is totally worth it. I had a condo in LA that was broken into several times, my bicycles were stolen, I had a flood and we had the big Northridge quake. The combination insurance package for contents, comprehensive and quake coverage insured and covered all of this. In addition, there was a liability portion to the comprehensive so if someone was hurt in my condo or held my liable for injury outside my home, I wouldn’t be sued and lose everything.
- June 18, 2011 at 4:33 am #441726AnonymousInactive
Get a RENTER’S insurance policy. Depending on the value of the contents in your home, its really only a couple hundred dollars for an entire year. This policy will cover the contents of your home in clase of fire, flood, etc. But MORE IMPORTANTLY, it will pay for you to live in an apartment (rental reimbursement) in the event that your condo building is partially/fully destroyed and you need to live somewhere else while it is being fixed.
I learned this the hard way after Hurricane Wilma in 05, we owned a condo unit but did not have renter’s insurance. The roof was ripped off and the building was destroyed. The condo’s insurance policy will eventually fix the building and the roof but that’s where it ends. In other words, your mortgage company will still demand payment even if your building is condemned (which ours STILL is). They may work with you for a little while, but if the work on the unit takes too long, they will make you pay your mortgage, even though you are temporarily paying to live elsewhere, so there you are, basically making two housing payments each month for who knows how long! In our case, the condo docs allowed the association up to one year to BEGIN working on the unit, but did not specify a time in which they had to FINISH the work. So here we are 2 1/2 years later with the building still condemned… Save yourself the risk of loss (money down the drain, foreclosure…) and just pay the $ 300! 🙂
- June 18, 2011 at 5:24 am #441727AnonymousInactive
You need your own insurance. If something happens the building insurance would expect you to pay your portion. They would not include you in their coverage–they are covering the common areas not your unit. You should not consider the building insurance “yours” because you are a member of the association. It’s not that expensive for condo insurance, either, I pay $ 200 a year.
- June 18, 2011 at 5:44 am #441728AnonymousInactive
condo insurance is cheap and important protection for you to have to protect yourself and your family.
- June 18, 2011 at 6:32 am #441729AnonymousInactive
I think someone misinformed you…it will cover everything inside your condo…EXCEPT things that you own….like furniture, clothes, etc…it also won’t pay for loss of use (a hotel in the event of a fire).
I have never seen a condo-master policy cover items owned by individual homeowners…ever.
A condo-master policy that is included in your dues covers the common areas, liability insurance and will build the building back to the way it was…but that is as far as it pays.
You cannot get a renter’s policy on something that you own.
What you need to get is commonly referred to as an HO-6 policy….that covers contents (works exactly like renter’s insurance, except that you own it) up to a certain amount that you and your agent set.
Get a copy of the master policy and take it to your insurance agent…I would bet a dollar it doesn’t cover your personal belongings.
- June 18, 2011 at 7:05 am #441730AnonymousInactive
First, CONDO insurance is not the same as RENTER’S insurance.
Some of the property that is attached to the building (belongs to the building) could be damaged. To cover that you need condo insurance.
Is it worth it? If you have a covered loss, it is.
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