Home Insurance in Ocean City>Question Details

Richard Schr…, Other/Just Looking in 07090

replacement building cost for a 2nd story condo unit (2stories total)?

Asked by Richard Schrader, 07090 Tue Dec 27, 2011

Frame construction with average finish interiors, hardwood floors, 1800sf, excludes roof and siding costs.

Help the community by answering this question:

Answers

4
Mack McCoy’s answer
Richard, this may not affect you.

Typically, the building replacement would be an HOA expense, and would likely be paid for by the HOA's master insurance policy. Typically, but, not always.

Anyway - first thing, check with your HOA management to find out. If it does turn out that you need separate insurance coverage, then consult with your insurance agent over the CC&Rs and other condo documents to determine what architectural standards or impediments to construction there may be.
0 votes Thank Flag Link Tue Dec 27, 2011
BEST ANSWER
What you have to do is figure in the interior costs only for a true condo unit and that would greatly depend on your by laws.
But to consider a condo I would take away the exterior costs at the end of this estimator and use the exterior finishes only. Be honest with the interior though. 3 or 4 is best way if just an average style home with little upgrading to the unit. This is totally free and should be positive to argue with insurance company for replacement costs. Most use Marshall Swift and their calculations are way off. this will put you in the atlantic county area with construction costs also. only for residential!
Let me know how you make out.

http://building-cost.net/CornersType.asp

Good luck!

Search foreclosures and short sale here: http://www.larrysarlo.com/shortsales.aspx

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes Thank Flag Link Tue Dec 27, 2011
Looks like you are getting quotes for a condo contents policy. If so, don't forget to read the master deed to find out what is included in the unit. Normally, siding, roofing and framing are all excluded. Some master deeds also exclude windows, drywall and all fixtures including lighting and appliances. If you figure for new construction a $150/sf build price that would include the garage level, decks and porches, you can always back into a reasonable number by deducting the costs of everything you want to exclude. Let's just say that $100/sf should cover it.
Any insurer should be able to provide a contents policy to cover the portion of the construction you need to protect as well as your furnishings and personal items. Most people I know are paying around $400 per year for such policies.

Joan Farrell
Realtor Associate
Monihan Realty Inc.
609-517-7644
0 votes Thank Flag Link Tue Dec 27, 2011
Are you fighting your insurance replacement cost figures?


Search foreclosures and short sale here: http://www.larrysarlo.com/shortsales.aspx

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes Thank Flag Link Tue Dec 27, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer