Condo Home Insurance Explained + My Advice
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- Опубліковано 29 чер 2024
- Condo insurance is mandatory when you are buying a condo with a mortgage. Even without a mortgage, it is recommended you buy it anyway. Plus, it is so affordable. When you buy a condo, there are two insurances that work in tandem. The HOA master insurance (paid for with your condo fees) covers the structure of the entire building and the common areas. Condo insurance (paid directly by you) covers the personal property, personal liability, and damages within the four walls of your unit. I don't recommend you shop around for condo insurance or try to save money by bundling it with your car insurance. I explain why in this video.
✦✦✦TIME STAMPS✦✦✦
00:00 What is HOA master insurance and condo insurance?
01:48 The advice my boss gave me when I bought my condo
03:37 Why trust his advice
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Great video. I really like your vibe.
In regards to the condo advise in this video, it is interesting. However, I feel you are making some broad, but potentially fair assumptions that having your policy within the same company would be beneficial. Perhaps this is because I have known companies that couldn't get anything done internally if their lives depended on it, lol. My recommendation is go with a trusted insurance company, like AAA, Farmers, or All State (for example) and save that $100/year. I would rather have two insurance companies fight it out, than just one fighting against me. At least if I have my own separate insurance, they will be fighting for me and to save themselves money, lol. But, I realize I am very distrusting of insurance companies. Nice video and sound advice to consider. Thank you
Excellent counter point!
Learned something new today! Didn’t even know that condo insurance was a thing, keep up the good work!
Just what I was looking for. Thanks a lot for this video.
THAT IS BRILLIANT ADVICE!!!! Thank you!!!!!
This video is ssssoooo trustworthy, so wisely chosen for personal effects, and so well produced even above the already high standards.
I owned a condo in Midwood, Brooklyn for 4y and personally affirm all that Annie said. For me, the condo insurance was indeed simply bought from the same broker as who issued the HOA insurance which was and is typically a competitive rate as the market commands.
Great information. Thank you so much.
Amazing advice thanks 😊
Thanks very helpful
Thanks for that Great idea.
Big ThankYou!!
Thank you , you are awesome.
Interesting! I had a conversation, yesterday, with a relative needing renter's insurance.
My guess is that this would apply similarly to rental property, especially multiunit apartments.
I will give my relative a call.
Thank you, Annie.
Make sure the property is actually rated as a condo and not a single family home with the tax assessor/county property appraiser in order to get the correct policy.
Thank you soo very much
This is great advice and awesome content. But I’ve seen scenarios where people could save up to $700, or more, by bundling with other policies or outside carriers. I once had a broker cancel a clients policy to have him pay over $3000 more per year so he would have the same company as the master policy. I’d love to know more about this grey area and how much quicker it would actually expedite the claims process. Thanks!
Good video...cause in Florida its very few options..
N ur preferred company might not be offering insurance in your area...
Unfortunately it seems this is not so simple anymore. With companies like Allstate and State Farm no longer accepting new customers in CA, I’m stuck with the master HOA policy with State Farm but have to use an alternate provider for my own policy.
I'm in the market for homeowner insurance for a coop unit, how do I find out what company is the master insurance with?
Great video! I have a slightly different case, where I live in a two unit townhouse and the developer purchases HOA insurance for us, which it claims "covers the building". So I'm a bit confused there is not much common area, and if it does not cover my home, what's the point of having it.
We actually had an HOA insurance claim in my building last year. Sewage water backed up into everyone’s tub and toilets in the first floor, when there was heavy rain. Over $100k in damage total. Our particular HOA apparently covered every single unit on the first floor of the building. Each unit got a $10k-$15k check from our insurance, with a $5k deductible. They were told to take the paperwork and show their individual condo insurance so that they can get paid back by their condo insurance for the $5k deductible. So yes, it’s necessary.
Hi Annie
If my condo was on fire and the HOA insurance pays for some damage and they choose their own contractor. Do I have to use that same contractor to repair the damage that not covered by the HOA insurance?
I think that question is best directed to your own insurance agent about your policy and whether you need to use the HOA contractor
How much do you need to save for an appartment? And not worry about have enough money saved for future payments?
Hi Kelsie, it depends on where you live and your income. Use a calculator. I was extremely conservative with my math when buying my condo. I put down enough to make my monthly housing payment just 25% of our household income AFTER taxes (equivalent to 20% pre-tax). But again, I am extremely conservative because it's my home and I don't want to lose it. The average person spends 30%-35% of their pre-tax income on housing.
@@AnnieMargaritaYang I plan on saving for a low income appartment probably 15,000 or 30,000 would be good?
@@kelsievilleburn9383 you’ll have to see what % of your income the monthly payment will be. $30k is better than $15k if you want to make sure you’re not worried about making your monthly payment.
@@AnnieMargaritaYang thanks
💕💕💕💕💕
The contractor asks me for my insurance claim number. Do I have to give it to them?
Thank you.
Ask your agent first before doing that because you didn’t agree to use him yet for the damage not covered by HOA master insurance
so does the condo insurance usually pay out everyone if the place is condemned
Condo insurance is only for inside your specific unit, not everyone’s.
@@AnnieMargaritaYang so would the hoa insurance cover it
@@bobdenver7126 HOA insurance is only for common areas or the external structure (like the external wall of your unit). Every homeowner in HOA needs their own condo insurance.
@@AnnieMargaritaYang so what exactly covers the structure of the building
@@AnnieMargaritaYang what if its ever ruled unliviable bc of structural damage or something then what happens
what if the HOA insurance doesn't do condo insurance?
What do you mean?
@@AnnieMargaritaYang sorry I mean if the HOA a insurance company doesn’t provide condo insurance but only to HOA
I don't think her logic follows...using this view point you should try to have the same car insurance as a person you have an accident with. What matters far more is the claims rating of your insurer. This is where sticking with the bigger insurers provides an advantage. Besides, any fights between your insurance carrier and the litigant should be done without the insured (you) being a party to it. This happens ALL the time with car insurance. Your (reputable) insurer pays you and then takes the matter up with the other insurance company .
Maybe, but there are advantages to only having to deal with a single insurer.
half filipino half chinese?
100% Chinese
what's with your middle name
I understand the question, but is that really any of your business?
100% chinese. Was supposed to be Annie Margaret Yang, but the person writing my birth certificate made a typo and my parents kept it.
@@AnnieMargaritaYang 哈哈真像我小学同学，我应该猜到你是华人，我在想你咋没有中文名字。
@@AnnieMargaritaYang Lovely name✨💫