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You should contact your insurance provider, whoever does your auto insurance. They will know your area and what would be required. But, yes, the insurance will be in addition to the HOA or Condo assoc fee. You will need to insure the interior of the condo (flooring, cabinets, lighting, appliances, walls), your contents (furnishings and personal items), and have liability coverage. The condo assoc insurance usually covers the exterior of the building and the common areas.
Last edited by coastal chic; 03-25-2015 at 08:48 PM..
The monthly payment including property tax and HOA would be $970. I estimate to add $90 for PMI for a total $1060. Since there is HOA fee of $206, chances are, the required insurance by the lender is included in it, correct?
What else can I expect to add to the $1060 and how much?
So far, this $1060 amount is much less than my current rent cost and I live in a 1 bedroom apartment.
condo insurance is NOT the same as renters insurance. Generally speaking, you own your unit from the walls in. You and your insurance are responsible if anything happens to that - insulation, drywall, paint, flooring, damage to any fixtures or appliances or systems like a furnace or water heater. It's not just insuring your personal property like furniture, clothes and other household items. This is not covered by your HOA's policy.
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