Consumption and Real Estate
How much should I insure a 2 bedroom condo for?
Question : How much should I insure a 2 bedroom condo for?
I want to buy insurance for a 2 bedroom, 1150 square foot condo in Orange County, California. I am interested in knowing how much coverage to buy to cover inside damage due to a catastrophe like a fire for example. I don’t care about coverage for personal belongings or outside of the building. I just need to know what it costs to restore the inside walls, floors, etc. in case they are ever destroyed.
california condo insurance
Best answer:
Answer by budhah1
Your insurance agent will advise you on this. They may be a little over priced, but worth while. Often the price of the condo is what you insure against damages. Plus that will usually pay for most of the personal belongings, unless you have something that is out of the norm or unique.
You should have had to get insurance on the unit when you took out the mortgage.
-
-
#2 written by timmay 1 year ago
You might have to talk to the HOA about this one….they will have strict rules to follow should you blow up the inside of the condo…in otherwords, you would have to repair it to similar construction as the remainder of the building. Orange County values are up there…personally, I would start at .25% of total value…shouldn’t cost that much…accidents happen, but better to be overinsured than underinsured. Easy money for the Insurance agent?
- Comment Feed for this Post
While you aren’t required to provide insurance on a condo because they are covered under the HOA’s blanket insurance policy you might want to check with your HOA to find out exactly what their insurance covers. Some strictly cover the exterior only and you are required to provide renters insurance for theft, fire etc.
My HOA’s insurance not only covers the outside but it also covers the interior of my unit they will restore the unit to it’s original condition upon purchase if the building is destroyed. However, if there is a fire in my unit and its isolated to my unit only then that’s where my insurance comes in. I carry $ 50,000.00 for interior repair and $ 40,000 content insurance. However, your insurance agent will advise you of what they think you should carry to cover you, since you are basically only getting interior insurance it’s more like renters insurance and is a lot cheaper than home owners insurance.
You might wish you carried content insurance if your condo ever gets robbed, or your neighbor upstairs has a huge flood and your furniture and belongings like TV, Computer etc get destroyed. The cost to replace those items can be a lot if you have to pay out of pocket.