What are the average rates for condo insurance in Ardenwood? Is it recommended to have flood insurance? What about earthquake insurance?

Asked by M, 94555 Wed Oct 10, 2012

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John Juarez’s answer
John Juarez, Agent, Fremont, CA
Sun Oct 14, 2012
The monthly homeowners’ association fee paid by a condo owner generally covers the insurance for the property plus additional coverage provided by the master insurance policy carried by the HOA board/management. You should have an additional policy to cover interior improvements, personal property and personal liability.

Owners generally do not buy flood insurance unless it is required by their lender. That is not common in Ardenwood.

Earthquake insurance, if not provided by the HOA, is not a requirement but is an option. After all…we do live in earthquake country.

The best person to talk to about insurance is, of course, an insurance agent or broker.
0 votes
Prasad Bodas, Agent, Newark, CA
Wed Oct 10, 2012
Hello M,

If you are talking condo insurance as owner, your association will have some master policy and your lender may ask you buy the insurance for walls in and you can decide to buy for your own personal property. Based on what I have seen it could be $500-$800.00 per year based on insurance product you select and coverage.

Re.Flood insurance, once again your lender could advise you to buy a flood insurance.

Re.Earth Quake insurance, once again master policy of home owners association will cover to certain extent, mainly structure. You can decide to buy one with consultation of your insurance agent after reviewing the premium, coverage and deducible.

Hope this helps.

Hope this helps.
0 votes
Brian Ripp, Agent, Fremont, CA
Wed Oct 10, 2012
As Eric mentioned, HOA's have property insurance. And sometimes they include earthquake insurance, the Ardenwood area most likely does not need Flood insurance. You can check with your insurance agent regarding these issues.

You can have a 'renters policy' to cover your personal items.

Brian
0 votes
Eric H. Wong , Agent, Albany, CA
Wed Oct 10, 2012
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.
0 votes
Thanks Eric. To clarify my question, I was asking about the contents insurance ie for internal structures and personal liability coverage etc.
Flag Wed Oct 10, 2012
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