CONDO INSURANCE
If you are buying a rental or short term unit or a secondary property or buying a condo as your primary home
WE CAN HELP
WE HELP YOU CHOOSE THE RIGHT CONDO INSURANCE POLICY
NOT ALL INSURANCE COMPANIES PROVIDE ALL THE COVERAGE OPTIONS YOU NEED
ALL TYPES OF CONDO UNITS
FROM VACANT TO FIX N FLIP ON ONE POLICY WITH ONE MONTHLY BILL MAKES LIFE EASIER FOR INVESTORS
OWNER OCCUPIED
You are going to be the only occupant and you have no intention of renting your unit
SHORT TERM RENTAL
You decide to lease your unit on a daily basis so you need to make sure you have the right insurance coverage
CONDO OWNED IN AN LLC
You form and LLC or a group of investors we can write the policy in the LLC as the named insured to get Lawsuit protection
When you need to protect the inside of your unit you must buy an HO-6 Condo policy to cover the “sheetrock in”
The Condo Association or Building owner would have a policy that covers the building and you are responsible for rebuilding the interior of the unit
Customers often ask how much Condo Insurance should I buy?
More than likely your loan value is going to exceed the cost to rebuild your condo so when buying or protecting a condo with insurance you should never use loan value
Often a lender will accept the building owner or condo association’s policy and your HO-6 Condo Unit owners policy to satisfy the loan amount
To determine the value or replacement cost you need to know how it costs to rebuild based on the total square feet of the unit
Only a contractor would really know the true cost to rebuild but you can get an estimate from the insurance company’s replacement cost estimator tool and with every Condo insurance policy you can get a copy of the estimate
Just remember it is just a guide as the cost of building materials can increase from the purchase date of your condo
Not all insurance companies accept all types of use
The use of the condo will determine the type of policy needed
Some common use of a condo
- Owner Occupied
- Tenant Occupied
- Owner and Short Term rental
- Short term rental only
Some only accept Owner occupied condo unit owner’s policy so you want to make sure you are upfront with the intended use of your condo
Condo unit owners coverage includes:
The standard coverage options would include fire, wind, hail, theft, water damage and vandalism with a few others included but you want to make sure it also includes
Liability Lawsuit protection
Loss Assessment coverage
What is Condo insurance loss assessment coverage?
This is an important coverage option because when you own a condo it is only a matter of time before the Condo association will hit you with an assessment
An assessment is when the building is in need of maintenance or repair and the association determines the unit owners need to pay up
In reference to an insurance claim the unit owners may be responsible for the deductible on a recent claim so all unit owners would get a bill to satisfy the deduction on the claim check
Most HOA or COA Condo Associations carry a large property deductible to afford the cost of insurance so it is the owners of each condo that comprise the association and must contribute to repair, maintenance and claim damage
Loss assessment coverage can differ with each insurance company and not all assessments are covered
You would want to get a copy of the Condo Association policy to determine the amount of their property insurance deductible and get a copy of your Condo Unit Owners loss assessment coverage form to determine your risk of future assessments
Types of Condo Unit ownership
- Personal name
- LLC owned
- Corporation owned units
If you are buying a condo or want to see a more competitive policy with better coverage and a lower rate click on one of the buttons below to get started
THE CONDO INSURANCE PROGRAM YOU NEED
WE HELP YOU CHOOSE THE RIGHT INSURANCE COVERAGE
Contact us today
Protecting your home, rental property, condo or commercial building we can help
Office
1810 Barataria Blvd Marrero La 70072
2637 Edenborn Metairie La 70002
Hours
Mon-Fri: 9am – 5pm
Sat: Text and Email
Sun: Text and Email
contact@fmagencygroup.com
service@fmagencygroup.com
tim@fmagencygroup.com
Phone
La: 504-348-3131
Al: 251-325-3987
Ms: 228-395-8599