Recently purchased a condo in Georgia for around 90k. Getting an insurance quote of around 600/year with 2500 deductible and 1M liability insurance on premises...and structure coverage of 90k...does this sound reasonable?
Hi @Aditya Namjoshi ,
Your condo would have an HO6 policy. This policy is designed to insure condominiums, because it only insures the contents inside the unit.
$600 a year is not bad. I have 2 condos and one is $450/year for a 3rd floor 2/2 and the other is $550 for a 1/1 on the ground floor.
Not sure when you have 90k in structural coverage. The HOA will have a master policy, and flood policy. Whether the community was destroyed any act of god or fire, they have the policy to cover total replacement. That master policy will build your condo back, but just to the studs. You want enough coverage to replace everything else, and that coverage depends on the size of your unit.
Make it mandatory that your tenants carry renters insurance. That's the 1st layer of protection from any claims against you.
As the other investor said, $600 is on the high end of premium for a condo insurance policy.
I would recommend Safeco or Travelers Insurance, 2 carriers that my agency is appointed with in GA. Let me know if we can be of service as you shop for policies.