do we need condo insurance for a new secure 4th floor condo unit?
June 1, 2010 by
Filed under condo insurance
Hello,
the wife and i are buying a new condo, but the question is do we need condo insurance for the unit?
here are the stats:
-the building is a doorman building with a fully secure entrance
-it is a 14 floor building
-the building was built in 1961 and got a full 15million dollar renovation -in 2006-7 and re opened with a new name as a “luxury” building in 2008
-our unit is on the forth floor with a terrace
-full sprinkler system in every room
-all electric heating, cooling and stove
-fire alarm is electric with battery back up and connected to building so -that if one unit is on fire all the unit alarms go off.
-the unit has a secure lock plus key pad so after you open the door when the alarm is on you need to enter the key code. if the key code is not called the door man will call and if the person who answers doesn’t know your password the police is called.
-there are no rental units in the building. all of the units are owner occupied
also the area is not 100% crime free, but it is a “transitional” community on the rise
however, condo insurance is about $30/month and it seems like i really wont need it in this building, but i was always told that you should always have insurance when you rent or own a place.
would you do it in this building?
the mortgage lender did NOT require condo insurance. i asked… twice.
For the safety of your items that you own and the money you have placed in the purchase of your condo, you need insurance. You always need insurance !
You will regret not having insurance if something should happen. It is better to be safe than sorry, and you never know what is going to happen.
It is always best to be prepared.
Good Luck.
Since there are no renters I am thinking you are the owner. If you have a mortgage the mortgage company will require insurance. What if you have a earthquake, tornado, hurricane, lightening strike or the sprinkler comes on and gets all your stuff wet when you aren’t home so your couch is moldy when you get back.
I was in Alaska when a family went on vacation and while they were gone there was a power outage. The food defrosted and frozen fish leaked liquid onto the floors and was left for 10 days. Washing machines break water hoses and flood and a hot water tank could leak, a pipe could break in the walls flooding the unit downstairs too.
Your monthly homeowner’s association dues or condo dues most likely pay for insurance on the structure itself – ask the association for a copy of the master policy. For your own personal belongings and for the interior items like cabinetry and carpeting, you will most likely need insurance. Don’t know where you are located, but $30 a month sounds steep – I pay $175 a year for insurance on a 2 br condo in Prescott, AZ.
Are you that strapped that you wouldn’t insure your stuff from theft or a fire for $30 a month? You cannot foresee if the tenant downstairs is going to have a fire or there is some other occurence.
I think $30 is cheap to make sure you are not out in the cold if something happens.