In OR, how much does condo insurance typically cost for a condo/townhome?

Asked by Sit K, Portland, OR Sun Jan 23, 2011

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Marvin Von R…, Agent, Tigard, OR
Tue Feb 8, 2011
Yes, all good answers to give you ideas about why it can vary but Anita nailed it. Ask an insurance agent.
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The Stephen…, Agent, Portland, OR
Wed Jan 26, 2011
The answers so far are pretty good. I add this: check the HOA's insurance policies and financial statements to make sure the property is in good hands. Lots of HOA's have fallen apart in the last few years. If something terrible happens, you'll want to know your entire complex is taken care of.
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Anita Desilva, , Portland, OR
Mon Jan 24, 2011
Sit K,

Depeding on the location, size of the condo. You might want to just call your
Insurance Agent or an Insurance company to get some idea.

Best regards,
Realty Solutions, LLC
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Marge Bare, Agent, Portland, OR
Sun Jan 23, 2011
Hi Sit K
As I'm sure you know, its a little different in a condo so it depends what you're asking. The fire/homeowner's policy on the structure is part of your Homeowner's Association monthly assessment. In order to find out how much that will be, you'll need to look at how much of the monthly assessment applies to the insurance. All the owners have a percentage they pay toward costs based on the size of the complex, the size of your unit, and that's spelled out in the Homeowner Association by laws. If you need a copy of of the bylaws and someone in the transaction can't supply it to you, your Realtor or you can order this information for free from any title insurance company.
If you're talking about the paint in, including your personal belongings, that would be similar to a "renter's policy" and would be dependent on how much property you own and the type of coverage you want. You would obtain that policy on your own, and any homeowner's insurance agent would be happy to give you a quote. I would get 3 and compare, and you can probably do that online.
Hope that helps!
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Tom Inglesby, Agent, Portland, OR
Sun Jan 23, 2011
If you are in a condo you need renters insurance for contents only maybe $150 a year plus any riders on jewelery or computers since your exterior insurance is covered by the association that you pay into. If you live in a attachedtownhouse and it is not a condo where you own the land the house sits on you might pay $350 but you will get a better price by having all the attached units buy a policy together.

Tom Inglesby, Broker
RE/MAX Equity Group
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