Condominium Insurance

Discussion in Home & Property Insurance started by Peninha • Feb 12, 2015.

  1. Peninha

    PeninhaWell-Known Member

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    I think that most buildings have insurance for the common parts, called condominium insurance. The issue with mine is that it's a really old building and the premium has been raising a lot! I've asked around, but the prices aren't much better... So I am wondering that we are better off without an insurance. What's your opinion?
     
  2. Sunshine

    SunshineActive Member

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    Especially in a condo or apartment I would be concerned about having insurance. There are so many variables outside of your control, to do with the building maintenance as well as your surrounding neighbors. An upstairs neighbor can have a pipe burst, then you are left with water damage, there could be an electrical problem on the other side of your wall, and a fire spreads to your unit, etc.

    Especially in a condo where you would be responsible to fix damages I would want to have insurance.
     
  3. Winnie

    WinnieActive Member

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    I think you need insurance. I live in an apartment, and I know I need insurance, although I don't have any yet. I agree with

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    about there being so many variables outside of your control when renting or in a
    condo situation.

    I definitely have to get renter's insurance, and have read in some of the mailers that I get from my car insurance company that I can add it for about $4.00 a month. I hope the $4.00 a month quote is accurate because that amount is do-able for me right now.
     
  4. Peninha

    PeninhaWell-Known Member

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    I understand that an insurance is important, but years go by, we don't have accidents and we pay a lot of money each year, if we put that money aside we could face any problem that might appear by ourselves.