Do I have to purchase Homeowners Insurance if I just purchased a condo in NJ? What are the pros and cons?

Question : Do I have to purchase Homeowners Insurance if I just purchased a condo in NJ? What are the pros and cons?
What does the Condo Association’s policy cover vs my own Homeowners policy?
homeowners insurance nj

Best answer:

Answer by wrenchbender19
if you purchased the home then you should get homeowners insurance its a good idea the association wont cover anything check with your loan company and see if they didnt tack it on your monthly payment

This entry was posted by admin on September 3, 2010 at 1:17 am, and is filed under Property Insurance. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (4)
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#1 written by yellowpepper 1 year ago

you should read carefully the condo policy and decide if it’s enough for you, or it would be better to get your own
here’s a list of companies in NJ, http://www.homeinsuranceguides.com/home-insurance-quotes/?New%20Jersey/ maybe you could try to see how much it would cost you

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#2 written by mbrcatz17 1 year ago

Well, that’s a GREAT question. Read the bylaws, it varies wildly.

Some association policies only cover to the studs – you’re responsible for drywall/plaster, paint/wallpaper, carpeting, appliances, obviously your furniture & contents, etc. They don’t cover any LIABILITY inside your unit, either.

Also, they tend to have large deductibles – like $ 10,000 to $ 50,000 or even higher.

So, if you don’t have any coverage, and you have a $ 15,000 kitchen fire, there might not be ANY coverage under the master policy for you. Or they might pay $ 5,000 of it. I haven’t read your bylaws, or the master policy, so I have NO idea. You’ll have to do that.

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#3 written by QWERTY 1 year ago

It all depends. Each association is different. Some association policies cover “from the inside walls and out” which means the building but not the contents. Others make you cover the whole thing.

The pros are that if anything ever happens that is covered like fire, etc, you’ll get back your stuff. The cons are that if you never have a claim, you won’t get anything back.

My suggestion…find a good insurance agent and have him read the association’s policy and make suggestions as to what you need.

If you have a mortgage and you didn’t purchase insurance for the closing, you likely have it already through the mortgage company and that is a very expensive way to buy it.

See an agent.

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#4 written by mrs.puckett 1 year ago

The bank that you used to finance this purchase through will make you have insurance before you can close on it for their protection. But, if you bought it outright with no financing then it is your perogative as to whether or not you want insurance.

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