The Stigenator
Lifer
My parents own this town home which I live in. Its effectively mine (will be passed on to me some day in the future - as per will). The town home is part of a complex that has insurance (though from what I heard recently at the HOA meeting, its not enough to cover if something goes wrong and they have to rebuild the building).
I was trying to figure out what additional insurance do I need. It seems there is the home owners insurance and there is renters insurance. Technically I am not renting, since I am paying HOA and what not else. The townhouse is paid off though.
I want to have coverage for fire etc. Earthquake I believe is on the HOA's insurance (but supplemental earthquake?). Then I was told there is coverage for stuff like if things break on the inside (pipes, etc). My parents at one time had 'appliance' and equipment coverage insurance that apparently covered stuff like if the dishwasher, fridge, toilets backed up etc. They were paying quite a bit for that and ended up cancelling that one (it had a 45 deductible). I've not been able to ask them what other coverage this place has.
I am new to this world of home insurance, I've had renters in college (it was like 100/yr then), but I am not sure what I need for this place.
My insurance guy gave me a quote for 15K, 25K and 50K personal property coverage C with 300K liability. There is loss of use and medical payments (these two are included). It ranges from roughly 200/yr to about 500/yr.
The house is appraised for roughly 300k.
I was trying to figure out what additional insurance do I need. It seems there is the home owners insurance and there is renters insurance. Technically I am not renting, since I am paying HOA and what not else. The townhouse is paid off though.
I want to have coverage for fire etc. Earthquake I believe is on the HOA's insurance (but supplemental earthquake?). Then I was told there is coverage for stuff like if things break on the inside (pipes, etc). My parents at one time had 'appliance' and equipment coverage insurance that apparently covered stuff like if the dishwasher, fridge, toilets backed up etc. They were paying quite a bit for that and ended up cancelling that one (it had a 45 deductible). I've not been able to ask them what other coverage this place has.
I am new to this world of home insurance, I've had renters in college (it was like 100/yr then), but I am not sure what I need for this place.
My insurance guy gave me a quote for 15K, 25K and 50K personal property coverage C with 300K liability. There is loss of use and medical payments (these two are included). It ranges from roughly 200/yr to about 500/yr.
The house is appraised for roughly 300k.
