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That would be a silly thing to do. What about the rest of the structure and liability?

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โˆ™ 2006-04-17 17:18:42
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Q: Where can a condo association in Pennsylvania get only roof insurance?
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Can you rent out a bedroom in your 2 bedroom condo in Florida?

Only if the Condo Association allows it. It could otherwise fine you.


Who should buy ho6 condo insurance?

HO6 condo insurance covers damage to the interior of the condo and the possessions therein from things such as fire, theft, water damage, etc. The master policy that covers the building only covers exterior damage. HO6 insurance would be necessary in places where wild fires or other natural disasters are somewhat frequent.


Are unbuilt lots considered common areas of a condo association?

No, only defined "common areas" owned by the condo association are considered common areas, and unbuilt lots usually belong to an individual (e.g., the developer or an investor). If the association owns them, they are most likely reserved for sale to a future tenant/builder, although the proceeds of the sale will go to the association.


If the cable tv company causes water damage to a condo unit will the condo association insurance cover it?

As a condominium owner, generally, you are covered by two insurance policies:The master policy, which insures all the assets owned in common, and may include liability insuranceThe HO-6 homeowner's policy that you carry, which insures your assets that only you own.Read about the insurance coverage required for the community in your governing documents to verify that the liability coverage would cover a vendor -- assuming that the cable TV company is a vendor of the association.You can claim for damage repair under your HO-6 policy, and tell your carrier about how the damage occurred.Then the insurance companies can decide who is liable for the repairs.


How to Determine What Type Of Condo Insurance to Buy?

Condo insurance is not the same as insurance on conventional homes or renters. Condo owners need to ensure that their policies cover all their possessions that are not covered by the Condo Association’s insurance policy. By reading the fine print in the purchase agreement and the insurance policy, a condo owner can determine exactly what type of insurance policy will cover what is not covered by the collective insurance already provided. The condo association will normally collect dues from owners to cover common areas of the complex and sometime installations. The association’s bylaws will state exactly what is covered under the association’s policy. The association’s policy may have a deductible, which is usually divided equally among the unit owners. Collectively, owners may have a “bare walls” policy which covers all real property from the exterior framing inward, but does not cover fixtures or installations within a condo unit. Another type of policy referred to as an “all in” policy covers fixtures and installations, along with the structure and any common areas. The owner needs to know if the policy is cash value, which covers the cost of replacing the items minus depreciation, or if it covers the full replacement cost. If the association has a bare wall policy, the owner must buy insurance to cover features such as countertops, bathroom and kitchen fixtures, flooring and personal items. With an all in policy, the owner may only need to cover personal items. Most insurance companies offer a special unit owners policy, but to save money and ensure that all items are covered, the condo owner needs to determine what he owns and what is covered by the association’s policy. Condo owners are typically responsible for insuring just their property, but the rules differ from complex to complex, and it's important to ask the right questions to ensure you have proper insurance coverage. Usually, condo owners are not responsible for cutting the grass or shoveling ice from the front walk, but they must insure that the proper condo insurance is in place to protect them from any lawsuits related to these things.


Protect Your Investment with Condo Insurance?

If you own a condominium, you might be surprised to learn that you need to purchase additional condo insurance. After all, don't the condominium associations cover those costs? Many people mistakenly believe that they are completely covered from any damage or theft thanks to their membership to a condo association. In fact, this kind of coverage typically only qualifies the exterior of the building, or any common areas. Should anything happen to the interior of the condo, the owner or tenant would be completely liable and have innumerable expenses. A common cost incurred by condo owners is any kind of flood or water damage. If a faulty pipe or even a leaky faucet while you're away causes excess water in the condo, you may be dealing with anything from repainting the wall to completely redoing the floors. Rather than cover these unexpected expenses out of pocket, those with condo insurance will have these costs covered, and even have help finding contractors to do the work. Having condo insurance can really offer peace of mind for those who are away from their condos for more than a day at a time. If your condo is where you store any valuable or significant items, like televisions, computers, or jewelry, it may be especially important for you to have condo insurance. This can protect you in the event of a break-in, and help you to recoup your monetary losses. Unfortunately, condominium break-ins are common due to the fact that residents are often traveling or away from their second homes. If a burglary occurs in your condo, would you be prepared to cover the expenses? Small payments of condo insurance can help you not to worry about leaving valuables in your condo. If someone were to slip and fall in a condo, the owner would be liable for any injury and medical costs associated with that. In today's legal climate, where high punitive damages are common, that might mean the condo owner would need to pay huge costs. Liability insurance in your condo is important for having guests, visitors, or even handymen doing work in your home. Protect yourself against court fees and amy judgments by investing in condo insurance.


Where should thermostat be placed in a condo?

Your association manager can help you understand where to locate your thermostat, given that not only does it sense the air temperature in the unit, but must have access to wiring that is within the wall, which may be owned by the association.


If your condo goes into foreclosure do you still owe the condo fees?

Yes, until the bank is the owner. The fact you're in foreclosure doesn't change the fact utilities need to be paid as well as your staff. It's not only the bank that can put you into foreclosure; even your HOA/condo association can force the sale of your home due to delinquency.


What happens if a buyer purchases a condo in a complex that has no homeowners association currently?

Depending on where you live -- state laws may vary -- there may be an association, but it has been formed by the property developer. The developer may be the only officer in the association.You can check with the Secretary of State under the formal name of the association, to discover the names of its officers.


How much does the average renters insurance cost in PA?

In the average rates for renters insurance, auto insurance, and home insurance, Pennsylvania is usually lower! In 2007, the average rate for PA renters insurance was only $144!


What does Ho-6 condo insurance do?

Ho-6 condo insurance covers damage to the homeowner's property which includes furniture, computer equipment and clothing. It also covers losses under the owner's master policy deductibles. In addition it provides coverage for improvements or upgrades as most master insurance policies only cover the condition and value of the home as it was at the time the policy is opened.


What happens to the loan when the condominium forecloses for assessments?

You'll need to be more clear about what's going on here. The "condominium" is a building. It can't "foreclose". The condo association can't "foreclose" on you either, since they don't hold title Only the title holder (i.e. your lending institution) can foreclose on the property.What the condo association can do is obtain a lien against the property. This is money you owe them, and if you try to sell the property, they're allowed to collect the amount of the lien out of the proceeds before you see a dime. If the lender forecloses on you, the lien from the condo association doesn't go away; you still owe it, but in this case the condo association will probably take you to court to recover it, most likely by garnishing your wages unless you have sufficient assets to pay it off.


Can a condo assoc allow only 1 condo to be rented and not allow any other to be rented?

The condo association has to adhere to the by-laws. If the by-laws agree to rentals, and condo can be rented. If there is no rental provision, then not even 1 condo can be rented. It's all-or-nothing.Another AnswerThe governing documents, more commonly the CC&Rs and any amendments, can specify a 'rental cap', meaning that a defined number of units can be rented at any one time.Your governing documents will specify this number of rentals allowed, and your board or property manager can help you discover and understand this guideline.If your association is small and there are fewer than 10 units, only one rental may be allowed. If, however, your association is larger, a larger number may be permitted.Lenders review the rental percentage in an association before offering mortgages, and when the rental number is too high, all else being equal, a mortgage may be denied if the rental percentage is too high.There may also be other factors involved in the rental question in your association.


What are the rates for safeco insurance?

Safeco insurance is probably one of the more wholesome insurance. This insurance company allows you not only to insure your car and home, but your boat, condo, and any type of vehicle as well. The rates range depending on different criteria. For specific rates, you can visit Safeco's website and get a quote that will fit your needs.


Can you increase the power supply to a circuit breaker in a condo It's a townhouse style condo We have our own circuit breaker in the garage but we need 150amps and only have 90amps?

Before making any changes to circuit breakers, make certain that the breaker does not exceed the capacity of ANY current carrying wire in the circuit. If you attempt to increase the size of the breaker in your condo, and exceed the capacity of the wire that is fed from that breaker, you WILL burn down the condo and when the fire department investigates the fire and finds out what you did, the association will be quite upset with you. Plus, it's against the law. If you need to make that kind of change to your electrical wiring, contact a qualified electrician to discuss options. You will also need approval of the Condo Association in most situations like this.


Bought old car in Alabama bill of sale only what do you need to title it in Pennsylvania?

You need to have your insurance card and license. You will need to pay a fee and take it to the title office in Pennsylvania.


North Carolina Commissioner of Insurance If refinancing a condo do I have to insure my condo for the full mortgage amount or only my the personal property and proof of HOA Master Policy?

Your board or your management company can help you determine how much personal property insurance you need to carry in your HO-6 policy, depending on the coverage available to you in the master insurance policy.You don't want duplicate coverage, nor do you want any gaps in coverage.If, however, your question has to do with mortgage insurance, ask your banker what kind of mortgage insurance you need in order to cover your refinanced amount.


Can a condo president keep your condo insurance from Hurricane Sandy?

Any master policy that covers the association is subject to the vagaries of the issuing insurer. The business of insuring the association's assets is under the leadership of the association's president. There may be a requirement in your governing documents to maintain a master policy, in which case, the board's obligation is to find coverage. After a natural disaster and its claims, some insurers refuse to re-insure, or only re-insure at very high premium rates. You can encourage your president to abide by the governing documents regarding insuring association assets, while exploring the best coverage for the lowest premium.


Hi Foreigner and own condo in Florida and need to get car insurance on dodge ram 7 seats also need condo insurance quotes on car insurance are very high why will only be using few months a year?

The state of FL requires that you carry car insurance every day that you have a vehicle registered, regardless how often you are driving. So even if you are not driving the vehicle daily the insurance is going to apply every day. I know this is not the best system for you, but this is the way it is. You're best off calling around and getting quotes at multiple companies, for this situation I recommend calling no fewer than 10 companies for quotes.


Where to Live - A House or a Condo?

For those who are 55+ and older or those who can be called a "senior citizen", one question that may come up as you get older is where to live and retire. Should you buy a house or keep your existing house? Or should you consider moving to a condo instead?Many times, once the children have grown up and left the nest, the parents are left with a home that may be larger than what they need. House and yard maintenance may be too much work. It may be time to think about moving into a smaller home. One such option is to move to a condominium.A condominium, or condo, is similar to an apartment in its layout, but is owned by the homeowner. A condo usually does not have any sort of yard to maintain. There is a condo association or maintenance fee that covers any repairs or maintenance to the exterior of the condo building. You, as the condo owner, would only be responsible for maintenance of items inside the unit. The condo association would cover items such as roof leaks or property insurance.An added benefit to owning a condo is that the condo is located inside a community, which may offer special amenities or a clubhouse just for those who live inside the community. There may be a swimming pool, spa, fitness center, tennis courts or general meeting area where you can socialize with other residents. Some condo communities also include the cost of utilities such as water or trash in the maintenance fee. This is great for those who are on a fixed income, as the amount of water usage would not affect monthly costs.There are some condo communities specially designed for the 55+ crowd. They may offer special amenities geared for the older generation, such as on site medical care or assistance. This is very beneficial if you live alone. Others may offer programs inside the condo community that encourage social interaction between residents. You won't be bored in your retirement as there is always something to do.


Is it cheaper to buy a condo or rent one?

In a long run, it is cheaper if you would buy a condo because you would actually own the place. But if you are only staying temporarily, then it is probably a good idea to just rent the condo.


Can your condo association file a lien against you when your dues are paid to date?

A lien can only be filed after due process of law has been followed. If there is no money owed to the plaintiff, a lien against any of the defendant's property would not be valid.


How to Insure Your Vacation Condominium?

Your vacation condo might not be occupied the whole year round, but that doesn’t mean that you can leave it uninsured. Just like your own home, the condo is also a very valuable property; you have to make sure that your investment in this property is covered by good condo insurance coverage. Regardless of where your vacation condo is located, you will need to have it fully insured, if you want to make sure that you will still get to enjoy it (or at least get something for it) should there be any unfortunate events that might occur. Step 1: Talk with the insurance agent who handles your car and homeowners insurance. Ask him for advice on what coverage would be the best for you, and what options you have for the condo insurance. Step 2: Determine what the insurance status is in the area where the condominium is located. The policies’ terms and conditions, as well as the premiums charged, will greatly depend on the insurance status of the condominium’s location. Step 3: If your condominium is located in an area prone to certain natural disasters (like floods, hurricanes, and earthquakes), look for an insurance policy that provides coverage for these specific events. Make sure that your property will be sufficiently covered, should it be damaged by unexpected events such as the ones already mentioned. Step 4: You should only deal with reputable insurance companies; make sure that you are confident of their stability before signing anything with them, and before finalizing any insurance policy plans with them. Keep in mind that this is the future of your property that’s at stake, so you have to be very careful on which institution to trust. Step 5: If you are planning on renting out your condo when you are not using it, make sure that you have adequate liability coverage for that situation. Personal liability insurance would be a great option, as it gives you coverage against any damage should a renter be injured while inside your condo. Insuring your vacation condominium is an additional task you need to make to ensure that you have everything covered when it comes to this particular property. Even if you are miles away from your vacation condo, you can have peace of mind with the knowledge that you have sufficient coverage should anything untoward happen to the property.


Is it legal for condo owners to be allowed to know who your bonding agency is?

It is unclear from your question whether you are a prospective tenant or a prospective vendor.A condominium owner who rents out a unit has a certain obligation to the community in terms of vetting a tenant.Some governing documents require that an owner produce details about a tenant, including but not limited toA credit checkA background checkReferences from other landlordsAnd so forthIf you are a vendor proposing services to an association, it's reasonable that the association require proof of your insurance, bond, and license. The association may be required by its governing documents to only hire vendors with these proofs.


Where can mobility scooter insurance be sought?

Mobility scooter insurance can be acquired from the United Services Automobile Association (USAA). The only drawback to USAA for the average citizen is that you have be immediately related to a United States Service Member or be the dependant of one.