- This topic has 12 replies, 6 voices, and was last updated 11 years, 11 months ago by
fsbo.
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November 13, 2012 at 3:48 PM #20282November 13, 2012 at 7:33 PM #754642
NotCranky
ParticipantI don’t know if you are paying too much, but I would up the personal liability to a million and perhaps increase your medical coverage.
With the 10k deductible on the HOA policy, it would be nice to have a lower deductible in force over the interior of your property, I would think. Maybe the USAA policy give that. To me 10K is too much of a risk….depending on how much it costs you of course. I like around $2,500, knowing that I do my own work and that I would be out about $1,250 + my time.
November 13, 2012 at 9:10 PM #754647
CoronitaParticipant…Or you can get an umbrella for both home and auto.
If it helps, for reference my condo insurance is about $250…
November 13, 2012 at 9:13 PM #754648spdrun
Participant$10k deductible – what’s wrong with it? There’s probably less than a 1/100 chance of $10k damage in any given year. If you’re paying more than $100/yr, do the maths…
November 13, 2012 at 9:17 PM #754649CoronitaParticipant[quote=spdrun]$10k deductible – what’s wrong with it? There’s probably less than a 1/100 chance of $10k damage in any given year. If you’re paying more than $100/yr, do the maths…[/quote]
I think Blogstar’s point is that more than likely the general condo’s insurance is already insuring the inside of the structure…That principally leaves personal belongings left…Most people don’t have $10k worth of stuff. Meaning with a 10k deductible, you end up having to pay most everything out of pocket IF something were to happen. And the insurance policy won’t pay that much.
November 13, 2012 at 9:24 PM #754650ParticipantQuestion is if the structure is already insured, is an additional policy required by the lender?
Or can you go “extreme southern auto-insurance style” and drop the insurance, keeping the HOA’s coverage as your sole policy? If you get robbed or whatever, just eat the cost of the home’s contents.
November 13, 2012 at 9:24 PM #754651CoronitaParticipantsuraj,
There’s got to be a more detailed document describing your general condo’s insurance. Ask for it from agent of the Hoa itself. It’s listed on the document you attached….(You should have been provided a copy at escrow time when you bought the place.)
“Property policy has 100% Replacement Cost and includes interior of units –
excludes betterments and improvements. Total of 140 units.”So if you remodeled or made changes/additions etc, those things wont be covered.
November 13, 2012 at 9:27 PM #754653CoronitaParticipant[quote=spdrun]Question is if the structure is already insured, is an additional policy required by the lender?
Or can you go “extreme southern auto-insurance style” and drop the insurance, keeping the HOA’s coverage as your sole policy? If you get robbed or whatever, just eat the cost of the home’s contents.[/quote]
No. But this also covers personal liability me thinks. So said person wants something for liability as well.
November 14, 2012 at 7:19 AM #754664Participant[quote=spdrun]$10k deductible – what’s wrong with it? There’s probably less than a 1/100 chance of $10k damage in any given year. If you’re paying more than $100/yr, do the maths…[/quote]
I was just trying to get the thread some action before it fell off. I knew someone would have something better to say if I posted first.
In the OP’s case, where does it show that the the policy is reduced by $100 for a 10k deductible?
I do think my deductible is actually around $6k for my primary residence. Perhaps my agent told me why that was a sweet spot for his particular underwriting standards…November 14, 2012 at 8:00 AM #754666no_such_reality
ParticipantFor $500 dollar, do you want to deal with your insurance guy or deal with the HOA?
November 14, 2012 at 8:06 AM #754668ParticipantAssuming anything “from the paint outward” is controlled by the HOA, you’d have to deal with them anyway.
November 14, 2012 at 11:33 AM #754687suraj
ParticipantThanks for all the replies. I definitely want to keep some kind of coverage with my insurance. If I ever have a leak and it destroys the flooring, I would be able to use the insurance. Yes $10K deductible with the HOA policy is ridiculous.
I just think I am paying too much for my homeowners insurance (over $500 per year).November 14, 2012 at 9:32 PM #754717fsbo
Participant$10000 deductibe for HOA is very normal, otherwise as business insurance, there would always be someone trying to take advantage of low deductible, make many small claims, which would bump up the HOA insurance premium eventually.
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