I bought the condo for 95k. The HOA insures from the studs out. My personal property is worth approx 10k. It has 2 bed 2.5 bath, a living & dining room totaling 1024 sq ft with a 512 sq ft basement.
The inside is basic with mostly carpet and vynal, basic countertops, appliances, and shelving.
2007-06-13 07:04:12 · 5 answers · asked by btownridgerunner 2 in Business & Finance ➔ Insurance
Please take the time to sit down with a local agent who can calculate the cost to rebuild the interior of your unit based on the square footage and local labor and building supply costs. Most agents have the software available to help you determine this as accurately as possible. In terms of your personal property your calculation should not be based on the current "used" value but the value to "replace" or purchase these items brand new. Your personal items includes your clothing, your furniture, your small appliances, computers, electronics & media (games, cds, dvds, software,etc), dishes, pots & pans. As a rule of thumb if you tend to buy your personal property at Wal-mart or K-Mart a 2 bedroom unit contains between $25,000 to $40,000 in personal property. Also purchase the replacement cost coverage option on the personal property and on coverage A--the building coverage. You need to make sure that this figure is as accurate as possible. If you are underinsured at the time of a loss, you will be penalized by the same percentage that you are underinsured. Also make sure to include ordinance and law coverage, loss assessment coverage and sewer/water back up coverages. In addition I would have a minimum of $500,000 personal liability coverage and $5,000 medical payments coverage. To save money, please consider the following--have whoever writes your auto insurance quote this for you so that you can possibly get a multi-policy discount, take a deductible of at least $500 or $1,000, consider putting an alarm, fire extinguisher, etc.
2007-06-13 11:14:14 · answer #1 · answered by Margarita D 6 · 1⤊ 0⤋
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2016-09-25 07:14:18 · answer #2 · answered by ? 3 · 0⤊ 0⤋
OK, so you need studs in, PLUS enough to cover the deductible on the master policy, PLUS loss assessment coverage.
I'd say coverage A should be at LEAST $50,000. Personal property, no one will write as low as $10K, so go for 25K.
And be sure to get "replacement cost" on contents and building, AND "Loss Assessment" at $25,000.
You really should sit down with a local agent, and have them explain & recommend all this.
2007-06-13 07:10:26 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
Your best bet is to talk to an insurance agent. If you give him the approx. value of your personal property, he/she will be able to quote you a figure. I would shop around, too.
2007-06-13 07:08:06 · answer #4 · answered by dontknow 5 · 0⤊ 0⤋
See an ins agent, and see what he recommends.
Theu won't overload you with "flying saucer insurance" but they will definately recommend you carry adequate insurance.
plus, if anything ever happens, they're there for you. Thisis far too important , don't mess around with on line quotes.
2007-06-13 07:22:05 · answer #5 · answered by TedEx 7 · 0⤊ 0⤋