Usually hazard insurance is not required for condo owners. The association pays for property insurance. The only insurance a condo owner usually gets is personal property insurance. That can be as low as a few hundred dollars a year.... more
Most every home is sold with a "Natural Hazard Disclosure Report" - Although I don't know what 'hazards' you are referring too.
I have seen many reports in the Ardenwood area and there doesn't seem to be any major concerns and anything that doesn't show up on most reports.
recent report in Ardenwood area:
special flood area: NO
potential flooding: YES (Possible "Dam Failure" Lake Del Valle in Livermore)
fire zone: NO
wildland forest fire: NO
earthquake zone: NO
seismic zone: YES
Yes, some insurers will actually come to the house to advise you. I've worked with Frank Bliss at Farmers in Berkeley (firstname.lastname@example.org) and Ruth Stroup in Oakland (RStroup@farmersagent.com)
Good luck & Happy Thanksgiving!
Insurance is based on insurable interest. If you don't have insurable interest and your sister bought a policy under your name, it's useless. The insurance company will not pay any claims because you have no interest in the property.
They may rescind her policy due to misrepresentation.... more
I'd think an insurance professional would be the bes person to answer this question. condos are typically insured by the HOA for hazards such as fire. The inside of the condo, things like finishes, cabinets, appliances, possessions are not covered and that's why a policy is advised for the owner.. As I understand it there are policies similar to a renters policy only they are specifically for condo owners and I have no idea about rates. but rates aren't everything. You also wnat a company who will deliver when you need them. As we found out in the financial crisis not all companies do what they say. Ask some of the owners in your complex or friends who might also be condo owners who they use and how they are. I don't know if insurance companies get yelped but i'd check out that source as well.... more
This is not easy to answer because there is so much variation in how a home is built; does it have 8 foot ceilings or 12 foot ceilings, a garage, single story or two story, et cetera.
If you want an accurate number try asking a contractor in your area.... more