2007-07-03 19:36:55 · 3 answers · asked by ashtray842003 1 in Business & Finance ➔ Renting & Real Estate
Depends on what your stuff is worth. If there was a fire in your unit and you lost everything how much would it cost you to replace all your furniture, electronics, appliances, etc...? Only you know that figure. Your condo HOA should provide you with insurance on your building but it does not cover anything inside your unit. Believe it or not it does not cover your drywall or flooring. A lot of people believe that it covers everything but your personal items but they're wrong.
Just so you can have an idea a policy for about $25,000 can run you about $500.00 (depending on your state). Calculate how much it would be to replace all your furniture, clothing, jewelry, electronics, kitchen & bathroom items, cabinets, floors, drywall, appliances, etc & get a policy for that amount. I have on my condos a policy for $50,000 which covers all of my content. Some of my friends have policies for $30,000.
Good Luck!
2007-07-04 02:45:16 · answer #1 · answered by Suzy_305 3 · 0⤊ 0⤋
So long as the condo association insures the building, you're only responsible for what's between the walls: your personal possessions. Count up what you have and get replacement insurance, so they replace it all if there's a fire. It's pretty cheap, actually. If you own special jewelry, the insurance company will have to have an agent see it and photograph it, and then you'll pay extra, but that's about it. You might also want insurance in case someone trips in your place and sues you, but that's also pretty cheap.
2007-07-04 02:50:48 · answer #2 · answered by Katherine W 7 · 1⤊ 0⤋
You need to call a licensed insurance agent to give you a quote. These policies are commonly called HO-6 policies.
They are relatively inexpensive, so I would call sooner than later.
2007-07-04 08:06:44 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋