Condo homeowner insurrance?

Question

say your condo burns to the ground.. how is it covered? HOA fees.. insurrance? what's the deal?

i want to get a condo but i need to know everything first

Answer 1

Your condo assn. dues pay to insure the basic structure.  You need to carry a Homeowner's policy to cover what is inside, both built-ins such as cabinets and your personal possessions and appliances.

You can get a quote online that will give you a ballpark idea of the cost.  In most locations it is modest but along the Florida coastline it can be dear.

Answer 2

Well, the HOA probably has some coverage on the building - but maybe not.  They might cover to the studs.  If YOU have any covearge, it will cover the rest of the construction for your unit, your contents, and your time in a hotel while the place is being rebuilt, not to mention your share of the deductible, for the HOA policy.

To know everything, you'll need to see the master policy before you buy in, and read the bylaws.  Then you have to buy a policy for you and your stuff, on top of that.