How Condo Insurance Works
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- Опубліковано 29 чер 2024
- **DISCLAIMER: THIS IS NOT LEGAL ADVICE. USE AT YOUR OWN RISK AND DISCRETION. THIS VIDEO INCLUDES CALIFORNIA INFORMATION ONLY.
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Condo insurance doesn't work. I recently had a water leak from my condo unit down to the unit below and both my condo insurance and the HOA didn't want to pay. I finally got the HOA to pay but only because my condo insurance said they would back me in a court battle with the HOA and I threatened to take the HOA to court. This process took weeks, I was really stressed that the repair was going to cost my life savings and the wall was molding. The moral of the story DO NOT BUY A CONDO ITS NOT WORTH IT. I've been paying the HOA $436 a month so they could help me in exactly this kind of situation for them to make things so difficult is criminal.
The best ! Thanks !
Hope it helped !
Very well explained
Thanjs Stacey!
So if a tenant is renting a condo, they need to buy a "non-owner occupied" HO6 policy? Not an HO4? 🤔
The tenant would buy an HO4. The landlord would buy an HO6 “non owner occupied”. Sorry if I wasn’t clear! Hope that helps
@@christheinsuranceguy Yes the tenants HOA 4 policy would cover their possessions/protect them from liability and the landlords HO6 policy would cover the inside of the unit and the HOA Master Insurance policy would cover the outside of the unit although if you read my post above it doesn't always work that way in the real world. The person that lived in my unit before me had a disgruntled tenant that poured concrete in the sink/left the sink on and flooded multiple units. First the courts took everything from the disgruntled tenant. Insurance wouldn't cover the tenant because it was a willful act of sabotage/gross negligence. But the Tennant didn't have very much money so the court then took a huge chunk of money out of the landlords bank account. I have extra rooms and other people have encouraged me to rent but I don't want to be in the same situation as the previous owner so I have not rented.