Does anyone have Condo homeowners insurance?

[gakline]

This is home owners insurance that covers anything from the drywall in. For example, I own a townhouse, but because there is common insurance through the association, my unit is considered a condo. My insurance is really cheap. Around $200/year.

Has anyone experienced a claim with the association and their own unit? I was thinking over the weekend if there was a fire and what would happen and who would pay, and make sure my investment was covered.

[BAGAGT1]

I've never experienced a claim, but I also have a townhome, and I carry condo insurance. I believe the association's policy is responsible for everything but your personal belongings, your condo policy covers your personal belongings (furniture, applicances, electronics...). BTW how much coverage do you have on your condo policy. $200 seems a bit high, I pay $115 a year for $50k of coverage with a $250 deductible.

[VJW]

If it’s true that the association's policy is normally responsible for “everything but your personal belongings”, then wouldn’t 'Renters Insurance' be a cheaper alternative ?

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[gakline]

I have $60k and I think it's about $185 and I can't remember my deductible. I've already paid, so I'll just do some research when it's up. I should be seeing a statement soon, I just upped it 20k.

Renter's wouldn't cut it. That 60k covers anything would need to be replaced; floors, cabinets, paint, and all furnishings. I suppose renters might work, but you'd have to raise the limit to cover all those 'furnishings' so probably not a deal

[VJW]

Well, y’all are referring to two different animals. On the one hand, if an association covers everything except your personal belongings, that would require much less coverage on somebody’s part, than an association that only covers to the other side of the drywall. There would be a lot of stuff between the drywall and one’s personal stuff.

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[katwoman]

Someone once counseled me to buy condo insurance from the same carrier as the association. This way there could be no splitting of hairs should a claim ever arise.

It's not bad advice.

[gakline]

That's interesting. I'll definatly check into that next time. Thanks.