Homeowner's insurance on condos? (mortgage, townhouse, buyers)
Port St. Lucie - Sebastian - Vero BeachSt. Lucie, Martin, and Indian River counties (Treasure Coast)
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Looking at a few condo options priced between 100-150k and I'm curious about the insurance piece. Research I've seen online says to expect to pay around $1k/year for condo insurance which covers the interior dwelling, belongings and liability.
Does that sound reasonable for condos in that price range? Most of the properties are in Martin County if that means anything.
That sounds way high unless your ocean front . We live in a townhouse 8 miles from the ocean in St Lucie county and ours is under 700.00 and its insured like a Single Fam home Ho-3 policy. Call around
That sounds way high unless your ocean front . We live in a townhouse 8 miles from the ocean in St Lucie county and ours is under 700.00 and its insured like a Single Fam home Ho-3 policy. Call around
every address will have a quote from an insurance company. It also depends on a lot more things like the age of the building, concrete or not, how close to the water, etc. You have to ask for each one to get an accurate quote. SOME condos are set up like HOA's others are not. You need to find out first - ASK THEM and see the documents.
every address will have a quote from an insurance company. It also depends on a lot more things like the age of the building, concrete or not, how close to the water, etc. You have to ask for each one to get an accurate quote. SOME condos are set up like HOA's others are not. You need to find out first - ASK THEM and see the documents.
His TOWNHOUSE is not set up like a CONDO....
I really don't need that level of detail because I'm not looking for an "accurate" quote - if I'm assuming not waterfront and the common build type for the area and average age of local condos with HOA's (all we've looked at have HOA's) what's the average expense for condo insurance and assuming I want to add flood insurance as well what's that going to run even if I'm on 2nd floor? Trying to get a better, but higher side idea of a budget range for us - most HOA's we've seen are between $325-400/mo with some exceptions on both ends.
So, my monthly formula was looking like:
HOA - $410
Condo insurance - $83
Flood insurance - $31
Mortgage @ 5% 30/yr fixed
3.5% down (if I can find FHA since we're "new" home buyers - 5% otherwise) saving cash for other investment properties - which triggers PMI in most cases unless I can find a 15/15 ARM or other LPMI product)
Taxes - 0.91% Martin County (haven't looked at St Lucie yet)
and then finally my overall monthly payment desire to back into the purchase price max.
Be certain to get loss assessment coverage and read the policy carefully to make certain that you don't need a special endorsement on the loss assessment policy in order to provide protection against hurricane damage.
It's important to assess whether your condo association carries adequate coverage, such an appropriate amount of umbrella insurance. If your association has only excess loss coverage, and not an umbrella, likely the condo board is being hoodwinked by an insurance agent IMO, or opting for cheaper coverage, making a good loss assessment policy even more important, especially if the condo association has inadequate hurricane/flood insurance.
Demand a copy of the condo association insurance policy before finalizing the purchase decision.
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