Drratt, Home Buyer in New Orleans, LA

What percentage of the appraised value of your unit should the condo association be responsible for if they are maintaining the hazard insurance?

Asked by Drratt, New Orleans, LA Tue Jun 15, 2010

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The insurance they carry will generally not be enough to replace your condo. Most policies may not cover the things inside your walls. You should get an HO6 policy to take care of this and the contents. About 600 per year for 40-50k of coverage.
0 votes Thank Flag Link Wed Jul 7, 2010
None. The insurance should be sufficient, and the HOA should not have any financial liability for significant damage to the condo.
0 votes Thank Flag Link Wed Jun 16, 2010
For insurance purposes, the hazard insurance breakdown is part of the condo fee which is based on the square footage of your unit.
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Wed Jun 16, 2010
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