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Condos/Townhomes/HOAs
I own a 1 BR 1 BA condo (rental property, paid off) in Marin and don't know much about general earthquake risk in Marin nor insurance.
I never bought earthquake insurance in the past bc I remember it being very expensive.
Recently got a quote from my insurance co that doesn't seem like too much.
Condo is worth <$600k.
(A) Amount of Dwelling/Building Coverage Limit: $25,000.00
(B) Deductible: $1,250
(C) Contents Coverage Limits: $5,000
(D) Additional Living Expenses Coverage Limit: $1,500
(E) Estimated Annual Premium: $259.00
Should I just buy it for peace of mind? Have done without it for over 20 yrs so far.
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$25,000 is not much. I have a SFH so ii don’t know condos. Is it possible that there is earthquake insurance for the building through your HOA? Personally I wouldn’t bother for $25k.
Excellent question, thank you! I need to inquire!
It’s covering what you own of the building. Essentially the inside. I have condo earthquake because it also offers since “assessment” and “loss” protection.
Thanks
It’s covering 25k , it is unlikely to be helpful. But if it makes you feel good, you can do it.
Good point, thank you.