Comments on: Shopping for Homeowner’s Insurance on a Condo

By: RB @ Financial Samurai

RB @ Financial Samurai — Thu, 27 Aug 2009 04:35:18 +0000

Gotta have it. Our HOA pays for the entire outside and we pay a monthly HOA fee. I use USAA for condo insurance. Have the minimum coverage with highest deductible. Just need to protect against disaster scenarios. This is for my rental.

Good luck in the condo search!

By: SavingEverything

SavingEverything — Thu, 27 Aug 2009 03:08:46 +0000

I’ve noticed premiums vary a lot, and can are much higher if you add on exotic or valuable stuff. Generally, condo insurance per year is 0.43% of your property’s value or assessed value, whichever is greater. It could be higher or lower for you. Anyone willing to share?

By: Lee

Lee — Tue, 25 Aug 2009 22:00:33 +0000

Here in the UK one can usually save money by specifying a policy that covers just the rebuild cost, rather than the ‘value’ of the property. A property may be worth (for the sake of argument) $250,000 but would only cost $90,000 to rebuild from scratch, saving a considerable amount of money.

By: Laura

Laura — Tue, 25 Aug 2009 21:47:30 +0000

Thanks Journey for sharing your tips. Have you noticed that the premiums that change much year to year?

By: Jacqui

Jacqui — Tue, 25 Aug 2009 19:40:58 +0000

Thanks a million. We’re looking at buying a condo as soon as our house sells

By: My Journey

My Journey — Tue, 25 Aug 2009 18:30:13 +0000

In a Condo myself and I just hit my 2 year mark and I am with my 3rd different insurance company! The best deal I have found so far was packaging it up with my auto insurance.