[ddrhazy]

I didn't say flood damage but water loss damage.

[ddrhazy]

Common elements would be classified as stuff inside the walls. Let's say the valve that fills the toilet bursts. They're not going to cover that. Strong arming an association to cover you is at the discretion of the home owner but I wouldn't risk it.

[lvoc]

Originally Posted by ddrhazy

Common elements would be classified as stuff inside the walls. Let's say the valve that fills the toilet bursts. They're not going to cover that. Strong arming an association to cover you is at the discretion of the home owner but I wouldn't risk it.

If a pipe leaks inside a wall that is on your shutoff valve it is your problem including damage done elsewhere. That is a limited common element and you is the limited if it is inside your valve. If it is not it still may be partially your problem. A pipe that feeds four units and leaks may be the problem of the four units...not the HOA. The HOA may be required to fix it as it is in the walls...but they can then assess the cost to the unit owners. How you like them apples?

This is all the dependent on the language in the HOA docs. You can guess how I know about all this...

And if you really want a mental hernia think about it when the flaw is a builder defect and the builder is long since bankrupt.

[ddrhazy]

I know about common elements and LCE. I'm just offering examples of when a water loss can occur and it would be the home owner's responsibility to cover all damages, not the associations'.

[lvoc]

Originally Posted by ddrhazy

I know about common elements and LCE. I'm just offering examples of when a water loss can occur and it would be the home owner's responsibility to cover all damages, not the associations'.

And I am suggesting that when in gets to limited common elements it is every owner for himself and expect your insurance company to deny responsibility.

The incident in which I am involved has the same insurance company on both the HOA and owner side. And it denies coverage to both.

[homebeyer2013]

Question: When did they first start using PEX plumbing in LV?

[rdangel49]

Thanks for all your input. It's been very helpful. This one comment though has me a bit stymied:

Ah comeon. You appear to be a big guy...you got $125K in cash. You are not up on how to get an insurance quote? And you should have personal coverage past a million dollars.

I should have personal coverage past a million for what? I'll be on Medicare in a matter of month? I don't drive. If this is supposed to be condo related, $300K isn't enough? I have trouble even imagining how I can incur personal liability in a condo situation. Some guest trips on a throw rug? Some guest gets bitten by my non-existent dog? I'm in a ground floor unit. Even if one of my pipes bursts and damages an adjacent unit, I can't see this exceeding $300K.

So given the fact that I'm a total stranger to you, how do you figure I need a million plus in liability coverage for just occupying a minimal amount of space on this planet. I'm an extreme frugalist and am use to living like a hermit monk. Yeah, I'll occasionally walk to the supermarket and take a bus now and then, but what could I possibly be doing to need a million dollars in liability coverage.

Nothing personal, but you do seem to like to spew out these judgmental conclusions without knowing the underlying facts

[lvoc]

Originally Posted by rdangel49

Thanks for all your input. It's been very helpful. This one comment though has me a bit stymied:

I should have personal coverage past a million for what? I'll be on Medicare in a matter of month? I don't drive. If this is supposed to be condo related, $300K isn't enough? I have trouble even imagining how I can incur personal liability in a condo situation. Some guest trips on a throw rug? Some guest gets bitten by my non-existent dog? I'm in a ground floor unit. Even if one of my pipes bursts and damages an adjacent unit, I can't see this exceeding $300K.

So given the fact that I'm a total stranger to you, how do you figure I need a million plus in liability coverage for just occupying a minimal amount of space on this planet. I'm an extreme frugalist and am use to living like a hermit monk. Yeah, I'll occasionally walk to the supermarket and take a bus now and then, but what could I possibly be doing to need a million dollars in liability coverage.

Nothing personal, but you do seem to like to spew out these judgmental conclusions without knowing the underlying facts

Anyone capable of paying a large judgement should be insured at above 1 million and much more so if you rent the unit. For those without significant wealth bankruptcy is the ultimate defense to a large loss. If however you have substantial resources you go through them before bk. There are innumerable scenarios where you lose that much.

[rdangel49]

Anyone capable of paying a large judgement should be insured at above 1 million and much more so if you rent the unit. For those without significant wealth bankruptcy is the ultimate defense to a large loss. If however you have substantial resources you go through them before bk. There are innumerable scenarios where you lose that much.

Ah, so the kicker is renting out the unit! I totally get that and defer to your judgment. God only knows what sort of skullduggery a tenant might be up to. But I only intend to reside, not rent. Never been sued or named in a lawsuit in my life. Can't even remember the last time I seriously pissed someone off. So I'll skip the personal liability coverage.

And yes I'm a big boy and know how to get insurance quotes. But I'm new to the Vegas area and haven't owned a condo in over thirty years. The intention of this thread was simply to ascertain if the annual premium number being put out there by my RE agent's networking buddy was in or out of the ballpark. From the advice I've received it's definitely on the outside, so I'll have this stricken as an item paid in escrow and get third party quotes on my own.

Thanks again for everyone's constructive advice.

[Willy702]

Originally Posted by rdangel49

Thanks for all your input. It's been very helpful. This one comment though has me a bit stymied:

I should have personal coverage past a million for what? I'll be on Medicare in a matter of month? I don't drive. If this is supposed to be condo related, $300K isn't enough? I have trouble even imagining how I can incur personal liability in a condo situation. Some guest trips on a throw rug? Some guest gets bitten by my non-existent dog? I'm in a ground floor unit. Even if one of my pipes bursts and damages an adjacent unit, I can't see this exceeding $300K.

So given the fact that I'm a total stranger to you, how do you figure I need a million plus in liability coverage for just occupying a minimal amount of space on this planet. I'm an extreme frugalist and am use to living like a hermit monk. Yeah, I'll occasionally walk to the supermarket and take a bus now and then, but what could I possibly be doing to need a million dollars in liability coverage.

Nothing personal, but you do seem to like to spew out these judgmental conclusions without knowing the underlying facts

You are right in that its extremely unlikely you'll be on the hook for 300k, especially if you don't have a dog. The rates pretty much agree too, probably costs $5-10 per year more to have $1 million versus 300k in liability.