What is Type of policy do i Need ???

[Mike Siegal]

Hi Friends,

What kinda insurance do i need to cover the interior of my condo?

I want protection against flooding from units above me, AND i Building failure (IOW, if there is A FLOOD inside my unit and its coming from an old ROOF or pipe inside the walls).

What is this type of policy called?

Thanks for your input...

PS. Im in a older unit and on the 1rst Floor of a 2 story building.

 

[InsCommentary]

You need a condo homeowners policy, sometimes called an HO-6.

If you need an agent, try www.TrustedChoice.com.

 

[Mike Siegal]

You need a condo homeowners policy, sometimes called an HO-6.

If you need an agent, try www.TrustedChoice.com.

Thank you...i will look into that.

QUESTION: a friend of mine also has a condo, and he experienced a leak that was caused by an A/C maintenance issue on his roof. He has insurance but the insurance company is refusing to pay. Seems like that the 'by-laws' of his association state HE MUST MAINTAIN the drain pipe that lead from the AC to his interior duct....???

Does this make sense?

 

[InsCommentary]

They need to decline the claim in writing, citing policy language for the basis of the denial, and explaining why. Coverage depends on the specific wording of his pollicy.

 

[adjusterjack]

Im in a older unit and on the 1rst Floor of a 2 story building.

You mean you already own a condo and don't have insurance on it? Yikes.

Well, here is a sample of an HO-6 Condo Unit Owners Policy. Read it and find out what you are missing that could cost you a fortune if you don't have one.

a friend of mine also has a condo, and he experienced a leak

Have your friend sign on here so we can talk directly to him if he wants to discuss the matter.

 

[marindependent]

You mean you already own a condo and don't have insurance on it? Yikes

Not at all uncommon, crazy as it sounds.

 

[adjusterjack]

Not at all uncommon, crazy as it sounds.

I know. Happens a lot with people who pay cash for a condo. Lenders require the insurance.

I'm on several legal forums where people write in, usually about water damage from an upper floor's plumbing. Worst case scenario, they don't have insurance and the upper floor is occupied by a tenant who has no insurance and no money and denies everything, the owner can't be reached or denies everything, and the association doesn't give a hoot. Poor little uninsured condo owner with water up to his ankles has no clue and can't afford a lawyer. Probably thought he had a good reason not to buy a condo unit owner policy when he bought the place for cash.

 

[Mike Siegal]

I know. Happens a lot with people who pay cash for a condo. Lenders require the insurance.

I'm on several legal forums where people write in, usually about water damage from an upper floor's plumbing. Worst case scenario, they don't have insurance and the upper floor is occupied by a tenant who has no insurance and no money and denies everything, the owner can't be reached or denies everything, and the association doesn't give a hoot. Poor little uninsured condo owner with water up to his ankles has no clue and can't afford a lawyer. Probably thought he had a good reason not to buy a condo unit owner policy when he bought the place for cash.

thanks Jack,

how much you think a policy would run on a small unit?

.

 

[adjusterjack]

A lot less than a policy on a house. Maybe a few hundred. Go online for a couple of quotes to get an idea then try your car insurance agent. Most companies that write car insurance also write homeowners and you can often get a nice discount having your car and home with the same insurance company.