Real Estate Blog – Condotron

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09 Mar

Home insurance tips for condominium owners

Posted in Home Insurance on 09.03.12

When you own a single home, the home insurance you will get covers for the structure as well as personal belongings inside the house such as computers, clothes, furniture among others. The scenario is different when you have a condo, the insurance policy only covers the structure and not what is inside your condo unit.

If you are purchasing a condo, make sure you also get an insurance policy that will protect your personal properties inside your home. These insurance policies which protects the content of your condo are not expensive coverages and can prevent loss of your possessions.

Typically you need a content insurance which is about one fifth of the value of your condo. Say your condo unit is worth $400,000 then you need a content insurance of around $80,000. There might be a need for some liability policy to come with the coverage.

Know the requirements

You need to coordinate with your condo association if they require certain policies for owners. Depending on their bylaws, condo associations might impose a certain amount of coverage for individual condo owners. This may apply for other insurance policies they may require as well. Before purchasing an insurance, make sure you or your lawyer checks with the condo board because you need to abide by them.

Flood Zone

If you are in a flood zone, you also need a flood insurance. There are certain states though that require every homeowner to have a flood insurance regardless if they are in a low or high risk area.

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26 Jan

Home Insurance for Tenants — What is it?

Posted in Insurance on 26.01.10

apartmentnewNow that we have discussed what home insurance means for landlords, what if you are tenant?  Well, I can tell you for sure it is actually a little different for you because you do not own the property that you are staying at, so you do not have to worry about what a rebuild cost would be or any of that.

However – what happens if someone robs you?  Well, generally, tenants need what is called renter insurance policy, for that covers everything inside of the home.  With this particular insurance, there are many different options that you have and many different policies that you can get, so you want to make sure that you read them all.

The policy options are generally range in expense so you want to find one that is going to suit your budget.

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24 Jan

Home Insurance for Landlords — What is it?

Posted in Insurance on 24.01.10

Home insurance for landlordsHome insurance is something that every single person that lives anywhere needs to get.  However, did you know that there are actually differences in home insurance?  There are actually different levels that you will need to have and in this blog, we are going to talk about home insurance for landlords versus tenants – in the next blog, we are going to talk about home insurance for tenants.

One thing you need to know is that all landlords – everywhere need to have home insurance.  This will mean that assess the rebuild value of the property along with the fixtures, fittings and covering will need to be done.  One mistake that landlords make all of the time is that they do not think about what is inside their home.

There are a number of things that you need to think about when you are getting home insurance – inside and outside, everything needs to be covered, that way you can ensure that if something does happen, you are covered.

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20 Oct

What is Flood Insurance – Do I need it?

Posted in Insurance, Property on 20.10.09

Flood insurance is quite simply insurance that covers the damage inflicted on your home and personal property in the event of a tropical storm, excessive rain conditions, hurricanes, and other natural weather conditions that produce high volumes of water. Even man-made circumstances may cause flooding. For example, dams and levees that are neglected and ultimately break, and clogged sewer systems that back up creating massive water and filthy mud, are both ways in which floods happen.

And although many people think they know what flood insurance is, as it may be rather self-explanatory, they often mistakenly believe that general home Flood Insuranceinsurance covers these disastrous events. In reality, flooding is not covered and if you live anywhere near the coast or other areas prone to flooding, there is no doubt that you need flood insurance.

In addition to living in high-risk areas, statistics from, the official site for the National Flood Insurance Program, state that “nearly twenty-five percent of flood insurance claims come from low-to-moderate risk areas”. This specifically suggests that even homes in low water areas are susceptible to some type of flooding. As a result, the answer to whether flood insurance is needed or not is clearly, a resounding yes.

Another curious reason to purchase flood insurance is new development. It seems rather obscure to think about construction and land development as a means to flooding and a direct detriment to your home, but the truth is, as the environment around you changes, so do the ways in which water is handled. Where once fields and swamps received the run-off, now concrete pavement and buildings may exist with nowhere for the water to go.

Because of these conditions, the United States Congress enacted the National Flood Insurance Program (NFIP) in order to help property owners, renters and business owners so that they would not have such a financial burden in the event of a catastrophe. In order for communities to participate, they must put into place flood prevention rules and ordinances that at least meet FEMA (Federal Emergency Management Agency) requirements.

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