QUOTE (suzy @ Dec 3 2007, 05:33 PM) I purchased 2 investment condos recently and according to my realtor, I do not need to purchase insurance coverage for these condos since the condo fees already covers insurance for the building. As such, I haven`t purchased insurance yet. My tenants got their own insurance for their personal belongings. Do you still recommend that I get additional insurance for these condos and if so, which ones? Thank you.
Suzy: Bottom line, get the insurance coverage for your condo`s from your broker - about 18-20 dollars a month - for covering your assets in the condo as well as liability, medical, and income replacement. In the worst case, the tenant has a fire that requires 3 months of work to get the unit back and operational. This will cover the interiors, appliances, furnace, AC, washer/dryer, (you get the picture) and the condo will be responsible for the structure. The tenant covers their own property only. The policy covers your lost rent, rebuilds the unit, may cover tenant temporary lodging (this is a t`s & c`s thing), and your golden.
Cheers!