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What is the minimum amount of insurance for a small one bedroom apartment ($130,000.00)? At the closing a purchaser (student) was told to buy for at least $300,000.00 with $100,000.00 for personal property.
Any info will be appreciated.
Thank you.
It sounds as if the person recommending $300,000 was talking about Personal Liability insurance.
A coop/condo/renters policy covers personal property (household furnishings, additions & improvements etc)as well as personal liability.
The personal property limit has to be set by the individual who knows what it would cost to replace his property as well as any additions & improvements to the apartment..
Students usually don't need more than $25,000 but that depends on what he/she has in the apt
$300,000 is fine for the liability aspect although I always recommend a higher limit which doesn't cost very much more.
Ask your broker/agent for suggestions and prices.
Hi,
We have a requirement for insurance coverage that includes "Loss Assessment" coverage. We were encouraged to put this into place based on the events at Castle Village after that wall fell down. We leave the amounts (limits) up to discussions between the shareholder and their insurance agent. We just require that the Co-op Corporation is a named insured (mainly for enforcement). We issue a $250 fine for lack of coverage. This fine is well documented as a “fine” and not an insurance purchase on their behalf.
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That could a little high, depending on location; but esp. for personal property, unless the individual has a boatload of jewelry/valuables.
If you're talking about the building replacement cost, it needs to cover materials and labor to reconstruct the apartment exactly as is, with comparable materials (not as you wish it would be). If you now have a high-end reno, buy coverage accordingly. Personal property would include furnishings and appliances, I think (check your policy).
And if there's a lot of valuables (art, etc.), consider a rider.
We discovered that our policy was reversed - would have had little coverage for the physical structure and way too much for personal property. That also means we overpaid premiums by a LOT.
Now seeking refund.... good luck on that ; )
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