Condo Insurance
I'm looking for the what and wheres about condo insurance. I'll be renting the place out, so I need only liability. Anything else? About how much should I expect to pay for a 1000sq, 15 year old unit
I'm looking for the what and wheres about condo insurance. I'll be renting the place out, so I need only liability. Anything else? About how much should I expect to pay for a 1000sq, 15 year old unit
You may also need:
loss of rents
additions and alterations
real property coverage
and, maybe, most importantly, you need to check the by-laws of the association as to who covers what (for example, do you own the walls out, floors up, ceilings down? Or do you own 1/2 way into the walls, the pipes, the fixtures, etc...??)
Good to know before a claim occurs...
I just ask for an HO-6 policy. I am told that the HO-6 picks up where the association master policy leaves off -- up to my coverage limits.
I get $15K building and alterations, $5K personal property, $2K rent loss, and $1million liability. Cost is determined by my coverage limits and the location of my property.
An insurance claim in the previous three years may also affect your premium, if the insurer will still write a policy.
I do not believe you will find a rentors policy that will cover a vicious breed dog. If someone gets bit of course they will sue the owner of the property and anyone else that they can find. You need to get rid of that dog. Vicious dogs are a huge liability. It would bother me enough that I would get the tenants out. But then, my lease has an animal addendeum that allows me to terminate the lease if any approved pet ever shows any aggression or if anyone ever complains about the pet. A vicious breed dog would never be an approved pet.
Brenda
would the same be true if they were in a contract for deed? They would then be the owners.