Homeowner's insurace
- Thread starter penumbra
- Start date
NEW -> Contingent Buyer Assistance Program
irvinehusky
New member
That sounds about right as the condo insurance would protect your personal property and against personal liability, etc. But I would check your master policy to see exactly what it covers.
It looks like most people here don't purchase earthquake insurance but that's another one to consider.
It looks like most people here don't purchase earthquake insurance but that's another one to consider.
penumbra said:
usctrojancpa
Well-known member
Depends on the condo. Some attached condos include the lender required H06 coverage (walls-in, betterment coverage) in the monthly HOA fee and some don't. You'll want to get a copy of the HOA's master insurance policy to see if that coverage is included. If it isn't, then you'll need to get a separate policy for it from an insurance provider. The H06 coverage does not usually cover personal property and personal liability though.penumbra said:
snowblind40
New member
This is the guy I went through for all my insurance needs. Used to work with Costco and Ameriprise, got quotes from Progressive, AAA and 2 other brokers. Not only was very competitively priced compared to other brokers, he took the time to walk me through what I needed and why I needed it. He shopped my policies through multiple insurance companies to get best prices and helped me pick the best for my needs. Reminded me of SGIP in terms of knowledge and desire to teach you about his business. Now when I have any insurance questions, I have one point of contact for all my insurance needs. I never even knew about independent insurance brokers before but I am glad I discovered them.
John Diatalevi
Lakewood Insurance Services
5247 1/2 Paramount Blvd
Lakewood, CA 90712
PH: 562-630-4163
FX: 310-907-5126
CE: 562-832-8227
Lic# 0C46111
John Diatalevi
Lakewood Insurance Services
5247 1/2 Paramount Blvd
Lakewood, CA 90712
PH: 562-630-4163
FX: 310-907-5126
CE: 562-832-8227
Lic# 0C46111
Also, make sure that it's truly an attached condo. My recent purchase in university park turned out to be an attached PUD - some odd circumstance where it's attached, but I needed to purchase insurance to cover both the interior and exterior (to go along with the HOA's insurance for common areas). Confused the heck out of my insurance agent, the lender, and I'm still a little mixed up about the whole thing 
I think this may only apply to old-as-heck properties like mine though...
I think this may only apply to old-as-heck properties like mine though...PenguinOrange
Member
NOTE: Full replacement still has a cap. Usually this is 1.5x or 2.0x of the assessed value depending o the policy, you want to ask about the multiplier.
What can happen is if something happens and lets say there's new building codes which require additional money to rebuild, the insurance company will only pay for up to the max. This can sometimes happen in really old houses that have not updated their insurance and are underinsured.
The most complete coverage is actually GUARANTEED replacement cost vs full replacement cost. Under guaranteed no matter the cost they will pay to replace your house.
Of course these are super pricey policies and they are offered by very high-end insurers like Chubb and Fireman's Fund. They also have stipulations requiring sprinklers and seismic auto-shutoff for gas.
Most people have 1.5x Full Feplacement and on new construction usually you are already up to code so the risk is smaller.
We actually used Wells Fargo Insurance Broker who pulled a bunch of quotes. There's no obligation and cost so worth trying them to just get a sense of what else is out there.
As reference we did QBE via Wells broker and kept our auto w/ Geico but added an umbrella w/ geico at a really cheap price.
You may also want to look at umbrella especially as you start building some sizable equity in your property or decide to throw a 'hang over' type party at your new place.
Congrats!
Best of luck!
What can happen is if something happens and lets say there's new building codes which require additional money to rebuild, the insurance company will only pay for up to the max. This can sometimes happen in really old houses that have not updated their insurance and are underinsured.
The most complete coverage is actually GUARANTEED replacement cost vs full replacement cost. Under guaranteed no matter the cost they will pay to replace your house.
Of course these are super pricey policies and they are offered by very high-end insurers like Chubb and Fireman's Fund. They also have stipulations requiring sprinklers and seismic auto-shutoff for gas.
Most people have 1.5x Full Feplacement and on new construction usually you are already up to code so the risk is smaller.
We actually used Wells Fargo Insurance Broker who pulled a bunch of quotes. There's no obligation and cost so worth trying them to just get a sense of what else is out there.
As reference we did QBE via Wells broker and kept our auto w/ Geico but added an umbrella w/ geico at a really cheap price.
You may also want to look at umbrella especially as you start building some sizable equity in your property or decide to throw a 'hang over' type party at your new place
.Congrats!
Best of luck!