I live in a housing complex in a condominium. I have taken home owner's insurance policy as required by mortgage company. Recently my insurance company informed me that they are removing ' earth quake ' coverage from policy from next renewal cycle as it is not economical to the insurance company.

My questions are -

a) As general rule what kind of insurance one should take. I mean - fire, theft, flood, earth quake, tornado, hurricane, twister etc.
b) what monetary coverage one should go for ? I mean say house is of 300,000 value.
c) If the present company does not give earth quake coverage, then should I consider going to other company.
d) Can any one give some ideal what will be the premium per year for getting all above coverage for 300,000 value house.
I have read the answers of - mbrcatz17, hi91977 and harrell1956. Thanks,
But my questions still unanswered are -

a) Should I take coverage for Earth quake, Hurricane, Twister, Tornado and flood. I live in new jersey. It is not flood zone area.

b) I existing premium is 300 $/year for Fire, earthquake, hurricane but without flood. Now my company is removing Earth quake and said it will save $ 17 /year. If I go to another insurance company what will it cost appx. for earth quake coverage ? And should I go for it or not ?

As a previous insurance agent I can tell you that everything from the walls outward are covered by your association policy. Anything within the walls are considered personal property...There is an insurance policy espeically designed to cover this situation usually called an HO6 policy. It covers your personal effect and any liability coverage that you need.

If you live in a coastal area make sure you dont need a Flood Policy or Windstorm policy, these are NOT covered under a Condominium Policies.

1. As a general rule, in the states that allow it you should take an HO6 policy - for condo owners. It's pretty broad. If you live in an earthquake or flood zone, you'll have to balance out your risk vs. the master policy coverage vs. your loan agreement vs. how much you can afford to lose. In hurricane prone areas, frequently you have seperate wind coverage, NOT built into the standard policy.

2. impossible to tell without reading your bylaws. You need to know how much of the structure YOU are responsible for - studs in? drywall in? paint in?? and how much the master policy deductible is (you need at LEAST that much in building coverage)

3. Yes. But that doesn't mean it's going to be easy to get.

4. No. If you're in Florida, it could be $6,000. If you're in Iowa, it could be $300. Plus it's based on your credit score and claims history.

You really need to sit down with your agent and go over all these things with them. Bring a copy of your bylaws, so they don't have to guess.

a) your condo master policy should cover this
b) coverage s/b for your content & possible damage to neigbors if master policy doesn't cover it.
c) do you need earthquake coverage?
d) obtain insurance quotes

If you live in a condominium and you are paying association fee, this fee should include the insurance for everything, except your personnel staff, you have to buy insurance only for inside of your condo.