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cardosita | I own a office condo , i was told that i didnt need property insurance,? |
because the condominium association does that since condo owners only own whats inside not the structure itself, but i have the bank calling me about property insurance., What kind of insurance theyre talkin about? |
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Gambit
|
The bank wants their interest shown on the policy insuring whatever you spent the money on. If you used the money to purchase the unit, then their interest should be shown on the condo policy (most likely scenario). If you used it to purchase your equipment, then you will need to purchase an office package policy and have their interest shown on that policy for the items you purchased.
Even if it's the first scenario, you still need to purchase an Office Package policy to protect your contents, but also the liability exposure from your business operations (not covered by condo's policy), as well as coverage for the improvements you do to your unit. |
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mbrcatz
 |
Sounds like free advice, worth what you paid for it. So here's some more:
If there's a mortgage, the bank is going to want whatever your contract requires - likely enough BUILDING coverage to cover your mortgage amount.
The association policy doesn't cover EVERYTHING. Actually, it might be VERY limited in what it DOES cover - might just be the shell to the studs, and you could be responsible for drywall, paint, carpeting, etc, in your unit. Also, association policies tend to have VERY HIGH DEDUCTIBLES. So if there's a fire in your unit, and the association deductible is $50,000, who's paying for repairs for the first $50K? Also, does the association policy cover just fire, or other perils as well? MANY will exclude water damage - and if a pipe bursts above you, well, who's going to pay for the water damage to YOUR unit?
Just some things to think about. You probably need some building coverage on your office policy to cover your interest. Talk to your agent. |
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Old Man
|
You need insurance. Call the insurance co. They will tell you exactly the kind you need. |
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johntpeck
|
Did you just purchase the office condo? The property insurance requirements should have been dealt with through escrow prior to close.
Chances are that your association only covers the exterior of the building. You are probably responsible for the drywall in...
Either way you will need to get clarification on what your bank wants covered per the terms of the loan. If they are telling you that you need "Coverage A", which is for coverage on the building, then let them know your association handles that. They may just require evidence of insurance from your association. |
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Doctor J
|
The association covers insurance on the outside of the building. You need insurance for the inside of the building (interior walls, flooring, doors, etc.). Your insurance agent can help you with this. |
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fcas80
 |
You own the building, so insure it.
By the way, you need liability insurance too. |
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Spock (rhp)
 |
you need insurance
read your mortgage ... it specifies what kind and the minimum limits of coverage required.
at a minimum, you must have business liability insurance for that possible slip and fall accident and you likely need physical property coverage for your contents. Windstorm and/or flood may also be required depening on your location [which you didn't say].
oh |
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ktlove
|
yes, the condo assoc does insure the building, and yes they do not insure the interior. you own the inside of the unit, so if you have a fire that rages thru the unit you pay out of pocket to rebuild, period. (because your not insured)
now if you have a mortgage, and they said you didnt NEED insurance to satisfy the lender, then that means that the condo assoc more than likely has the building adequately insured.
If you have a letter from the mortgage company asking for proof of insurance this is what you have to do,
1) pick up the phone.
2) call the mangt company for your condo association, or someone on the board.
3) ask them the name of the insurance agent who insures the condo association so you may provide PROOF OF INSURANCE to your lender.
4) write down the name and number of the agent, or just the name and look up the number in the phone book.
5) SAVE THE PHONE NUMBER FOR THE NEXT TIME THEY REQUEST PROOF OF INSURANCE.
(they will ask for each renewal)
6) keep the letter in your hand and call the insurance agent, they will ask you for your name, unit number, mortgage company, loan number, and the fax number.
They will then fax proof of insurance to your lender and you will be good until next year.
7) vote this is best answer because im right. |
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Zarnev
|
You'll need a condominium policy. The association policy covers the outside, you need to cover the inside. This includes interior walls, carpeting, etc. Contact a local agent. Start with the person who does your cars and home; if they can't do it they probably know someone who can. |
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hightechchic
 |
Actually, it should be defined in your association bylaws.
As a general rule, the condo association property policy covers everything outside the wall studs of the unit, while you would need a condo policy to cover the interior walls, sheet rock, paint, flooring, etc.
However, there may also be other things that need to be covered. For instance, one of the local condo associations here specifies that, in addition to all of the above, the condo owner should make sure that they have coverage for appliances, interior plumbing and fixtures, cabinets, and interior wiring (in addition to contents coverage.)
Read your association bylaws, or take a copy by for your insurance agent to assist you. |
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