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My wife and i are trying to get some realistic numbers about the actual running cost of owning a condo on the beach ( on of our dreams for retirement) and we are having a hard time getting a handle on the amount and type of insurance that would be appropriate ..... I have read that 2-3% of the replacement costs is average but that seemed to come from home owners that would have to replace an entire house ... i have also read some of the horror stories about some of the agencies on the island ... the condo fees where we are thinking of buying cover the cost of replacing the structure but nothing from the studs in... if someone knows an "honest" agent getting an e-mail address or phone number would be appreciated... we are going to buy in stt
Posted : March 27, 2008 8:37 pm
Theodore Tunick is a reputable agency. Their number can be found here: viphonebook.com
Posted : March 27, 2008 8:49 pm
First, you don't say which island.
Most if not all condo fees include insurance with the exception of you personal belongings. For that we go through AARP. It is quite reasonable .
You need to be aware that when you are shopping for a condo, some are self insured. Most lenders will not give morgages to a self insured condo.
If you are looking on STX, I would recommend you contact Alexandra, a poster on the board. She is very helpful.
Posted : March 27, 2008 10:26 pm
terry,
You missed the OP's last sentence: "we are going to buy in stt."
Posted : March 27, 2008 10:46 pm
Sorry, I missed it. I am used to seeing it capitalized.
Posted : March 28, 2008 12:11 am
You need to read in detail what your association's policy covers and understand how the deductibles will be applied. You also will need to review your associations declaration and bylaws.
There may be some coverage on the interior fixtures, and it only may cover a basic standard interior. If you think your can replace your interior including all cabinets, mill work, custom painting, appliances, plumbing fixtures for X and you will be satisfied with that then you don't need any additional coverage. If your condo's interior improvements are above the minimum value that the allowance will cover less deductibles then you need to consider buying additional coverage. The standard HO-4 policy will not give you any coverage on fixtures and other items that your insurance company considers are part of the structure. You need to purchase an endorsement for those items.
Our association's policy at best would cover 25% of what I have invested in remodeling the interior of my unit. For instance the allowance for appliances is $1,800 to cover all kitchen and laundry appliances.
The HO-4 coverage in the VI is no different than stateside. Agents just don't explain it well here and then sell you the coverage you need.
Jim
Posted : March 28, 2008 12:35 am
