How To Get The Least expensive Condo Insurance Policy Rate

22 Sep

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When you are searching for condominium insurance, you clearly want to get the least expensive policy with a top rated-rated company. Right here is how you can do specifically that:

The Causes You Want Condominium Insurance

Condominium insurance is different from normal home insurance because your association insures your building with a master policy. This policy generally covers the wall structure, the roof structure, and also the floors of your creating.

Due to the fact the association insurance policy only insures the roof, walls, and floors, you ought to insure your own private house, house appliances, plus your inside walls. Prior to purchasing an insurance policy you need to have to examine with your condominium association to see what’s insured, and what is not.

Condo Insurance

– Individual house coverage – It pays to replace your private possessions – furniture, clothes, consumer electronics, tools, sports gear, and so on. – when destroyed by fire, smoke, plumbing connected water leaks, or even acts of nature.

– Condo liability insurance covers you in the event that a particular person had been to hurt himself inside your condo and sue you in court. Liability coverage pays for court-awarded damages, as nicely as your court expenses and attorney’s charges if you are sued.

Common policies include $one hundred,000 to $300,000 worth of coverage, even so you can get a lot more coverage if you have several assets you need to shield.

Where To Get Cost-effective Condo Insurance Coverage

Condo insurance can vary by hundreds of dollars from one insurance provider to the subsequent. The best way to receive low priced cost quotes is to spend a visit to an insurance comparison internet site where you are in a position to get quotes from various insurers and compare them.

Once you’ve identified a low price cost, it is attainable to lessen your rate even a lot more by:

Raising the deductible. This can help you save hundreds of dollars a year on your premium. This is 1 of the largest income savers.

– Get every single 1 of the discounts that you are certified for, such as discounts for utilizing burglar alarm systems plus smoke detectors set up inside your condominium, discounts for getting dead bolt locks plus window locks, discounts for getting a non smoker, plus discounts for getting a senior 55 years or older. Never presume your insurance provider will supply all of them to you. Ask for every single single one of the discounts you are eligible for and contain them in your insurance policy.

Bottom Line

It is so basic and effortless to evaluate cost quotes on the web so that you can make sure you get the really best rate achievable. All you do is devote a couple of moments filling out an easy on the web questionnaire with specifics about your condo to get your cost quotes.

I not too long ago did an on the web comparison for my personal home insurance strategy and I was amazed at just how considerably I saved. The insurance premium for my policy was $895 annually. It took less than 3 minutes to full the details then send in the form, and significantly less than 5 minutes right after I submitted it I received a telephone call from two neighborhood insurance agents, and also 4 e-mail quotes.

Immediately after comparing the e-mail value quotes and obtaining insurance quotes from the 2 insurance agents, I ended up selecting a policy for beneath $300 – saving $604 for spending less than half an hour of my time!

Whenever you happen to be shopping for condominium insurance I consider you will discover it worth your although to go to an insurance comparison site to get price tag quotes. It’s quick, it really is handy, and it’s free.

62 Responses to “How To Get The Least expensive Condo Insurance Policy Rate”

  1. Earleen January 13, 2013 at 6:24 am #

    Someone is suggesting it in my experience for car insurance, and that i need details before jumping in.

    I’ve already visited the website, but things i really need are consumer reviews and rankings about the subject.

  2. Tangela February 16, 2013 at 12:15 pm #

    I have found a home that I want to put an offer on, but I am not pre-approved yet. My realtor said it would only take a day to get that done, what will I need to show the mortgage broker?

  3. Carmine March 4, 2013 at 12:37 pm #

    My husband plan to stay for good in Singapore. How much it cost for the both of us… the cheapest rent, how much it expenses for food? Transportation? Health insurance? Taxes?

    Thanks for the information

  4. Ayako March 5, 2013 at 12:34 pm #

    I’ve been traveling for several years to Rio de Janeiro and want to invest in a luxury condominium (around US$400,000) to use during my trips there and rent while I’m away. While I’ve looked all over the internet, I’ve found no companies that offer a true “luxury” condo for sale (imagine a property similar to a suite at a Ritz Carlton – plasma flatscreen TVs, marble flooring, beautiful bathrooms, etc.). It seems that “luxury” in Rio means a 13 inch Samsung TV and a tiled bathroom from the 1980s. Also, I’m looking for a credible firm (ideally one that owns multiple properties, rather than a single unit for sale) that offers title insurance. Any ideas on the best company to use to buy a luxury condominium in Ipanema or Copacabana?

  5. Aubrey March 21, 2013 at 7:18 am #

    I’m planning to purchase a townhome and the assessments does include common insurance. I’ve been told it doesn’t protect any misc assets I have in my home in case a disaster occurs. I want to factor this into my monthly expense estimates. I’m looking for a purchase price at $200,000. How much should estimate for homeowners insurance? Is it a monthly and annual payment?


  6. Selina March 22, 2013 at 5:50 am #

    We (fiance and I) are looking at buying a Condo that is listed for $625,000. Besides the loan amount and “cost” of the loan (interest) how much more will the transaction (commission etc.) and the condo (HOA dues, insurance, etc…) be? I always find differing answers. How much (percentage) above the listing price should I plan on this costing?

    Orange County, CA if that helps.

  7. Regena March 22, 2013 at 1:52 pm #

    Do condo fees include tax, or is the tax bill separate?

  8. Dorene March 23, 2013 at 4:39 pm #

    Groceries, auto insurance, home insurance, life insurance, gas, renter’s insurance, health insurance, condo insurance, annuity insurance, long term care, air travel, electronics (tvs, phones, tablets, etc.), etc. on an annual basis.

    I know that there are ways to lower them all (not smoking, good credit, great student, etc.) and the all have wide ranges, but on average and/or you personally, what would you say is the order of your most expensive categories annually?
    Rent, cell phone bill, auto loan payments/car note, electric bill, water bill, gas bill, etc.

    Thanks first answer person, lol.
    How are you expected to pay so much making so little and with many places not hiring…

  9. Evan March 25, 2013 at 4:23 am #

    I’m interested in renting out my condo during the Democratic National Convention (I live in Denver). However, my condo insurance does not cover damages caused by renter. If I were to upgrade my policy, how long would I have to commit? Could I just get a renters policy for a month? Or do I need to make a year commitment?
    I would only be renting it for 5 days to a week.

  10. Virgil March 28, 2013 at 5:55 am #

    I live in St. charles missouri. I just moved here 2 years ago, and we only have tornados , i dont think this is an area for earthquakes. I just signed up for condo insurance with statefarm, and i was wondering if i should get the earthquake coverage. I dont really think i need it , since st. louis doesnt seem like a logical place for earthquakes, but hey, ive only lived here 2 years. is it worth the extra 60 bucks a year?

  11. Danette March 29, 2013 at 2:44 pm #

    Hi. We have purchased a condo in florida, north miami & now trying to figure out what type of coverage we will need for our condo. I think there is personal property & liability-is that the minimum required? Where should we start?

  12. Regena April 11, 2013 at 4:27 pm #

    I’m in the process of buying a condo, and I need to have condo insurance set up. However, I’m not really sure how much insurance I need on a condo. The homeowners association covers everything on the outside, so I would only need to cover walls-in. This is what I’ve come up with after doing a quote:

    Contents Amount: $50,000
    Building Property Coverage: $15,000
    Condominium Loss Assessments: $1,000
    Deductible: $500
    Earthquake Deductible: 2%
    Personal Liability: $300,000
    Medical Payments to Others: $1,000

    The condo is selling for $125,900. I really don’t have a lot of furniture, and what I do have is all hand-me-downs. I have a four year old, so all the furniture and stuff that comes along with having a kid. I don’t have really nice jewelry. I have a 32inch hd tv, computer (i paid 150 for it, so nothing fancy lol), and a kindle fire, wii….that’s about it for electronics. I want to make sure I have enough coverage if something happens with counters/floor/walls/etc, but I don’t want to be unnecessarily paying a high insurance bill. Any suggestions? Also, is earthquake or identity theft something that would be good to add in? I live in Iowa so earthquakes aren’t really an issue…but is that one of those you never know, so at least you’re covered things?

  13. Shasta April 11, 2013 at 7:50 pm #

    We are not responsible for the outside repairs. What is the difference between townhouse insurance and condo insurance?

  14. Vernon April 19, 2013 at 6:23 am #

    this is the 2nd time this year the neighbors(was once one home so we have to share the insurance) have not paid their half of the homeowner’s/condominium insurance. the insurance company says we would have to pay the entire policy ourselves to keep insurance and that we could then find a lawyer and get a lien put on their house for the balance of the policy they didn’t pay? is that right?

  15. Junior April 21, 2013 at 9:12 am #

    The condo has flood insurance, but I was told to purchase the coveage, I guess liability inside my unit. What is the inexpensive and reasonable coverage?

  16. Mathew May 13, 2013 at 2:14 am #

    Say there was a water damage on my tenant’s personal belongings. This water damage was caused by a leakage from the water heater in my unit (my fault). My tenant filed a lawsuit for his damanged properties. Does a condo insurance usually offer a policy that will pay the lawsuits made by my tenant?

    Thank you for any insights,


  17. Giselle May 29, 2013 at 2:11 pm #

    There’s a condo I like, but I certainly don’t have all of the down payment money. Where can I find help, like a grant or something? Do I have to get it from the same place as I get a mortgage?

  18. Temple May 30, 2013 at 9:02 pm #

    My husband and I live in a condo association. We woke to water running from the ceiling down our wall, into and outlet and finally down to our floor. Upon inspection it looks like the water came from the fact that the gutter, which is directly opposite the leak was completely filled with ice and the water had no where to go. Is the condo association’s insurance responsible for the interior damage as the association did not handle the maintence properly or is my homeowners insurance responsible?
    ** Please note that ordinary maitance of the exterior is the responsiblity of the condo association.

  19. Lenny June 1, 2013 at 6:49 pm #

    I pay about $800 every three months in HOA fees. Do I need to carry additional condo insurance if I have a mortgage with Countrywide or do I just call them and give them the condo assoc. insurance info?

  20. Vanna June 6, 2013 at 4:45 am #

    I’ve gotten tons of quotes and don’t know who to pick. Help! TIA!
    Do you have condo insurance? If yes, which company and why did you pick them? Thanks!
    I live in San Francisco, California.
    I’ve gotten quotes from State Farm, Allstate, Liberty Mutual, and Homesite. My auto insurance company is Geico, unfortunately they don’t offer home insurance.

  21. Ronnie June 6, 2013 at 11:18 am #

    We live in a condo and have condo insurance. In the state we live the insurance companies are required to have a mold rider which our does. We may or may not have mold but suppose we do, lets say behind the walls in the bathroom. What does the insurance usually cover. Will it pay to rip out the sheetrock and re-tile our shower?

  22. Shan June 6, 2013 at 12:43 pm #

    A month ago had a grease fire in the kitchen, son was heating up oil for french fries, left unattended. Fire department had to come, fire investigators. Landlady looked into condo insurance and had them come out. Now we, me and my son have to pay deductible which is 2500.00. I am not working, he lost his job the day of fire. Want to move but she went and got a civil action from court incase we move out. They have not been good landlords, took 3 yrs to get hood for stove but went up in the fire. If we move I am afraid that it will mess up my son’s credit, he want sto eventually buy house, only 19 right now. Landlady would take out line of credit and we pay monthly for about 6 months to pay off. Is it worth it, that is once he finds a job. Everyone in my family is saying move, but I don’t know, I want to but not sure what consequences be with the court judgement, not for me my son.

  23. Catharine June 6, 2013 at 2:20 pm #

    Please list if your in a condo/townhome etc. Its less for homes then for condos where insurance, etc, it all included as well. Trying to see the average. I live in a 204 unit condominum in a flood zone. Right now with everything including insurance, depending on the size residents pay 165 to 237 per month.

  24. Princess June 6, 2013 at 6:15 pm #

    i am possibly fixing to be buying a condo, but need to find out how much insurance is going to cost me every year. i noticed that there is “condo” insurance as well as home insurance. which one would be better or more appropriate. is condo insurance cheaper? what is the difference in the coverage ?

  25. Grady June 6, 2013 at 7:11 pm #

    The condo I am looking at is a part of a 2/3 family house style single family home. When you own a part of a condo how do you decide who gets to paint the house or do repairs on it. How do you decide who uses the backyard and who takes care of it. Overall what are the major differences between the two types of ownership.

    I have never owned either a house or a condo before. The houses in the area where I live are all too expensive for me.

  26. Jarred June 7, 2013 at 7:01 pm #

    We had water damage on the first floor of the condo. The insurance claim representative said that the carpet would only be covered on the bottom floor. However, the open floor plan includes (split foyer) because there is no threshold, doors or walls that separate the two floors. Please give me your opinion.

  27. Jadwiga June 8, 2013 at 2:00 am #

    I bought the condo for 95k. The HOA insures from the studs out. My personal property is worth approx 10k. It has 2 bed 2.5 bath, a living & dining room totaling 1024 sq ft with a 512 sq ft basement.

    The inside is basic with mostly carpet and vynal, basic countertops, appliances, and shelving.

  28. Cyril June 8, 2013 at 5:37 am #

    Im waiting to close on a condo in NY. The realtor says i don;t need to get homeowners insurance because the building the condo is in, has its own policy that part of my maintenece fee goes to. someone suggested still getting condo insurance. can anyone please help me out with a description of what this is?

  29. Robby June 8, 2013 at 4:58 pm #

    I’m trying to understand what homeowners insurance woul cost in florida for a 2 bedroom condo. I’m not ready to call an insurance company. I’m looking in Ft.Myers. Just want to know is it thousands of dollars and out of my range or a few hundrend per year. Say for a 75k condo.

  30. Judi June 8, 2013 at 6:26 pm #

    I am the tenant of a condo and had accidental water damage to the unit, and floors below. My landlord claims they do not have insurance to cover the damage, but the condo board does and has paid out a $5000 deductible for the insurance for all the units to the insurance company, which I have reimbursed. Now I have been contacted by the insurance company about being charged for the remainder of the damages.

    My question is, am I not sheltered by the condo boards insurance deductible?

  31. Parthenia June 8, 2013 at 6:26 pm #

    I live in a small condo association and our insurance premium keeps going up every year. We don’t have any renters and also have never had an insurance claim. How can we reduce our premium?

  32. Robin June 8, 2013 at 9:48 pm #

    Here is my list:

    1. Health Insurance
    2. Vision/Dental (if not covered by health)
    3. Homeowners/Condo/Renters Insurance
    4. Flood Insurance
    5. Disability Insurance
    6. Auto-Insurance

    Are there others anyone can think of? I could also think of Traveler’s and Auto-Repair Insurance but I’m not sure how many people have that.

  33. Lela June 9, 2013 at 3:06 am #

    The home is a condo and I don’t believe my parents have condo insurance. They rely on the HOA insurance to cover damages to the unit. I should be able to cover interior damages (i.e. replace walls, plumbing), but should I get renter’s insurance to cover personal property damage? If i spend a lot to fix the interior, I’d like to have something to cover replacing my personal property.

  34. Valentine June 9, 2013 at 3:31 am #

    There was significant damage in our Condo and our neighbors condo. My insurance has dog liability clause . Will my insurance cover all the expenses?

  35. Bobby June 9, 2013 at 7:40 am #

    The condo owner under my unit said that my AC unit was leaking on her ceiling – how much will it cost me to fix it? – How do I handle this? I do not have Condo Insurance?

  36. Tennille June 9, 2013 at 12:48 pm #

    I’m looking to buy a condo but the maintainence fees are somewhat high. I’d like to find a way to stretch my money, even if it means adding time to my mortgage.

  37. Darci June 10, 2013 at 12:40 pm #

    I have a tenant in my condo. One day the water heater in my unit broke (due to aging) and damaged my tenant’s personal belongings (laptop, clothes, etc.). I agree that the cause of the problem came from my side (although I never expected it to happen).

    Should my condo insurance cover the property damages incurred to my tenant, or my tenant is resonponsible for his own personal belongings?

  38. Ethelyn June 11, 2013 at 7:14 pm #

    Looking to buy condo insurance in NYC, any tips, suggestions and best practices welcome.

  39. Ashley June 11, 2013 at 7:36 pm #

    I am starting to look at condos and townhouses in the Orlando/Sanford area and am trying to figure out my budget for what I can afford. Does anyone know a ballpark rate for condo insurance in this area that I can use for planning? I know generally this is covered in the HOA dues, but the bank may require additional coverage. Also, does anyone know what the ballpark rate is for single family homes in case I peruse that path?

  40. Luciana June 11, 2013 at 10:30 pm #

    We purchased a condo about 2 years ago with 30,000 down and we are now renting the condo out. With the condo fees, insurance and other expenses we are still paying aproximatley 1000,00 a month for this condo. We are also renting an apartment for 995.00 a month in our current location. We are thinking of selling the property soon but are unsure because of the market at this time.If we did not make at least our 30,000 back that we put down we feel as if we have just wasted the money. What should we do?

  41. Kit June 12, 2013 at 4:34 am #

    There was recently a water leak caused because of a hole in the EXTERIOR stucco in my condo unit that I own. The exterior hole/stucco have now been repaired by the HOA. However, there is water damage to my wood floors.

    Who should pay for that? The HOA? The condo’s blanket insurance policy? My personal condo owner insurance policy?

    Any advice or tips on making the responsible party pay for my floors being repaired is appreciated. Thanks.

  42. Lane June 12, 2013 at 7:28 am #

    I’m a bit confused. I was told when I refinanced my condo that I need renters insurance for my condo. We rent out our apartment to tenants. I’ve been doing some research and only see info on renters insurance for the tenant. I have condo insurance also. Thanks.

  43. Karly June 12, 2013 at 8:21 am #

    My condo association is asking me for proof of condo insurance(which i have) they want my declaration page? Also do i have to provide them with who i have my condo loan with ? They stat is il law.

  44. Georgina June 13, 2013 at 6:39 pm #

    it appears the condo assoc covers the outside of the unit, but how much will we have to pay for condo insurance? 350k unit.

  45. Alethia June 13, 2013 at 10:15 pm #


    I bought a townhome recently. What does the insurance taken by association cover?
    I was told that townhome exterior and structure is covered by this insurance and I need to buy another insurance for interiors and personal belongings.

    What is interiors? Does drywall come under interirors? Carpet? wood flooring? Light fixtures? How do I know the total value of interiors?

  46. Sheree June 14, 2013 at 8:51 am #

    I want to buy a condo. If anyone has tips on how I could do this by next year, pretty much startng from scratch, please tell. I am only 19 years old, and I dont have credit, really. Is there anything I can do so that I am not paying a crap load for rent, and im paying a crapload for mortgage instead?

  47. Sherry June 14, 2013 at 9:55 am #

    Is everyone becoming an Insurance Agent now or are we the only ones left standing because of the industry that we are in? Not sure but Los Angeles, Ca is completely saturated with them and it’s making it extremely hard to build my book of business out here! Any good “unique” marketing tips?

  48. Dawn June 14, 2013 at 8:03 pm #

    I live in a condo which is fenced and guarded by security guards 24hrs. Those who have more than 1 car must park other cars outside on main road which has no street lights and pitch dark. Chances of cars getting stolen is very high. In the past, many cars has been stolen which was parked outside the condo. If the insurance company come to know about these expensive cars are parked outside in the dark will they withdraw the insurance cover? Or will they impose a high loading? Is there negligence on the part of the hirer?

  49. Grisel June 15, 2013 at 1:02 am #

    Generally speaking a condo is about the same price as a house, but you have to pay maintenance, utility and service fee every month. In addition, the condo is only one level and it is small too. A house with a similar price will have three levels including the basement. So, why people prefer a condo over a house?

    Condo: No need to cut grass or shovel snow or clean snow off the car, high view, no repair, and good security. It save quite lot of time.

  50. Slyvia June 15, 2013 at 5:18 am #

    an owner of a unit (yet to be determined), put cat litter down the drain and caused over $50K in damage to another unit. the condo association insurance company has declined coverage because the association was not at fault. the plumber has said that the clog was caused by kitty litter. now the association is going to impose a special assessment or increase dues on the entire condo unit in order to pay for the repairs. i should not have to pay for someone else’s intentional act. and i’m sure putting kitty litter down the drain is against CCR or condo rules. can i fight this?

  51. Columbus June 15, 2013 at 9:26 am #

    Instructions from my lender says that my homeowner’s insurance must cover “the entire loan amount”. However, I suspect that this is for single family homes only, as my condo’s HOA insurance will cover everything from my walls outward. Also, when I tried getting a quote from major companies such as GEICO, they would not even offer dwelling insurance as high as my loan amount. How much dwelling insurance should I get for a condo purchased at $150K?

  52. Tristan June 15, 2013 at 11:00 am #

    I already have the master insurance and my personal items are for about $25,000 . I live in mass.

  53. Pamala June 16, 2013 at 2:16 am #

    Previously I thought I would get a condo but with condo fees, insurance, having to pay for repairs, and a down payment I just don’t think I can comfortably pay for that.

    I will probably rent for at least a year, while looking at apartments, what questions should I ask?
    Is there a website that will tell me the ratings like if they actually fix peoples issues that need repaired I definitely don’t want to be stuck with a broken toilet or anything.

  54. Zita June 16, 2013 at 10:19 am #

    There was a water leak behind the drywall in a bathroom. My adj. says that chapter 718.111 states that my Condo Association is responsible the replacement of the drywall.
    Seems odd that my insurance will pay for the painting of drywall but not the drywall itself. shouldn’t the Condo associations Insurance cover drywall?

  55. Vincenza June 17, 2013 at 3:58 pm #

    I will be closing on a condo in Ft Lauderdale, FL (broward county) next week, I am actively shopping for condo insurance. I am on the top floor (3rd fl). I heard that I won’t need flood insurance, for example? Thanks!

  56. Nick June 17, 2013 at 5:46 pm #

    I want to buy a condo for investment and want to know how much do i need for the deposits and whats the fees involve?

  57. Lashaun June 18, 2013 at 1:20 am #

    We have a clubhouse in our condo community that I wanted to rent it for a party. Our management company asked to provide my home owner’s insurance. AFAIU my condo insurance is supposed to cover the inside of my unit. My question is why would they ask for something that has nothing to do with the common property (clubhouse)?

  58. Bess June 21, 2013 at 7:28 pm #

    They died recently and I need to know how much their condo, the contents and their personal belongings were insured for.
    They lived in Kelowna, B. C., Canada and both died recently. The estate administrator has not allowed me access to their personal papers, check books, etc.

    I don’t want to file a claim. I just want to know what their condo and it’s contents and their personal possessions were valued at and insured for as they were part of their estate. I am one of the beneficiaries.

    Is this info available online?

  59. Sofia June 27, 2013 at 7:26 am #


    There was a water leak from my condo unit to the downstairs unit because there is a crack on the floor of my shower. I am now being forced to replace it.

    Work that needs to be done (but could be more)
    a) Plumber came and found the crack, and temporarily sealed it – $300
    b) Rip out old shower
    c) Repair any water damage underneath
    d) Get a new shower and install it

    I spoke with someone familiar with how condo insurance works for a water leak.

    i) The master policy on the unit will cover a lot of the charges but the deductible is usually pretty high, like $5,000 or $10,000
    ii) Home owner’s insurance deductible is usually $500 or $1,000. So you can have your home owner’s insurance cover the money between your deductible and the master policy deductible.

    So now I have a few questions…
    1) Does anyone know what actually gets covered by either the master policy or the home owner’s? Please refer to “work that needs to be done” for examples.
    2) What gets covered for the actual shower? I’m wondering because I would like to get a nice shower, and I’m wondering how the insurance covers this part.

  60. Tennille June 29, 2013 at 12:19 am #

    I’m looking to buy a condo, hopefully by the end of summer. What are all of the things I need to consider before making my decision? Also, if you happen to have some websites that can help, that would be great.

    Thank you!

  61. Antone August 1, 2013 at 9:32 pm #

    How and where do u get insurance?What do u need to get an insurance?

  62. Karleen September 23, 2013 at 11:04 am #

    I live in a condo complex. The sink in the bathroom overflowed and flooded my bathroom as well as the condo below. I talked to the water damage guy and he says my insurance covers my damages & the insurance of the guy below covers his. Is this true?
    My repairs are minimal, so I did not report it to the insurance. Also I have the regular condo insurance not sure if it covers this kind of flooding. Please advise

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