Insuranace .. (insurance, condos, home)

[asrivast]

Any one have any advice on what type of insurance in needed on a Condo in Siesta keys. It is not on the beach but one street over and a value of $800K. It is a new custruction 2007. I was told one would need comprehensive & flood at the least which would be around 7K and then there is Wind as well. Does one need this much insurrance and are these rates reasonable.

[Big House]

Originally Posted by asrivast

Any one have any advice on what type of insurance in needed on a Condo in Siesta keys. It is not on the beach but one street over and a value of $800K. It is a new custruction 2007. I was told one would need comprehensive & flood at the least which would be around 7K and then there is Wind as well. Does one need this much insurrance and are these rates reasonable.

Well you won't need it until you need it!
That sounds like a fairly normal number for that amount, but you should get some quotes from a couple different agents. You should ask if they have the FEMA flood map, because that has an impact on the price, particularly if it is in a "grandfathered" area. If you haven't already purchased I would get all these prices nailed down before you make a contract offer. Insurance prices can vary dramatically, and be careful that you get the coverages that you need. Some don't cover what you think they do. Have the agent walk you through what the coverages mean, and PAY ATTENTION, don't just take the bottom line price and run.

Good Luck!

[Kkirch123]

I would say it is reasonable. You would be on an island where hurricane damage tends to be worse. I know we paid 1900 for a home in np not near water for a reg. policy. No wind etc.

[imagardener]

Originally Posted by asrivast

Any one have any advice on what type of insurance in needed on a Condo in Siesta keys.... I was told one would need comprehensive & flood at the least which would be around 7K and then there is Wind as well. Does one need this much insurrance and are these rates reasonable.

If you have never owned a condo before you need a good insurance agent to help you. Good luck with that .

The first thing you need to be familiar with is that the building itself is insured by the condo association (that's what you pay condo fees for among other things). You are responsible for your interior construction and contents. You need to look at your condo documents to see exactly what you need to insure.

Some condos make you responsible for everything (drywall, electrical, plumbing,etc) and others don't. It's confusing but read your documents and talk to several agents. Agents vary in their level of intelligence and experience. Get a good one.

Secondly you should ask the condo assoc. what THEY are insured for, making sure there is coverage on their end as well. Don't assume anything. Many condo assoc. are run by people who aren't experts.

No one here can answer you questions correctly. Your condo docs have your answers.

[Big House]

Originally Posted by imagardener

If you have never owned a condo before you need a good insurance agent to help you. Good luck with that .

The first thing you need to be familiar with is that the building itself is insured by the condo association (that's what you pay condo fees for among other things). You are responsible for your interior construction and contents. You need to look at your condo documents to see exactly what you need to insure.

Some condos make you responsible for everything (drywall, electrical, plumbing,etc) and others don't. It's confusing but read your documents and talk to several agents. Agents vary in their level of intelligence and experience. Get a good one.

Secondly you should ask the condo assoc. what THEY are insured for, making sure there is coverage on their end as well. Don't assume anything. Many condo assoc. are run by people who aren't experts.

No one here can answer you questions correctly. Your condo docs have your answers.

imagardener,
Very good points!
Many times I've had incidents where I think I'm covered under one policy, only to find that that policy doesn't cover the damage or incident, fortunately, I've had good agents that had me covered under the correct policy and could explain it to me.