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Author: reallyalldone Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 17953  
Subject: How much liability ? Date: 12/28/2012 3:04 PM
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I have one car insured as well as my primary residence with an additional 2 million umbrella policy. I own a small condo that has no mortgage and which is on the verge of being rented for a year. I have talked to the HOA and they say I need to insure personal items and liability. From their explanation, it sounded like appliances mostly.

I've gotten a runaround from 2 local insurance agents(including the one used by the HOA for the overall condo insurance). Because there is no mortgage, buying insurance didn't really connect until now.

Wouldn't all my other insurance cover liability here ?
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Author: NoIDAtAll Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17702 of 17953
Subject: Re: How much liability ? Date: 12/28/2012 10:07 PM
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Wouldn't all my other insurance cover liability here ?

Generally not, w/o listing the location.

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Author: reallyalldone Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17703 of 17953
Subject: Re: How much liability ? Date: 12/29/2012 9:28 AM
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Thanks. Any idea what form policy I need for the new location? I can't seem to get that or a quote without giving all my info, including SSN to an agent. My credit score is excellent and I have had no claims in probably 10 years - only one I can recall is a roof after a hail storm(which is pretty typical in the Denver area).

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Author: NoIDAtAll Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17704 of 17953
Subject: Re: How much liability ? Date: 12/29/2012 10:28 PM
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Your Homeowners insurer would likely be your best bet, if not the condo association's insurer. You should be able to extend liability coverage from your Homeowners policy to the condo location - You would need to add liability coverage for the location by endorsement - Usually doesn't cost much, at all. If you also need to include property coverages for the condo, which you very likely might, you need an HO6 condo policy. Here are 10 steps to a well-designed HO6 policy: http://www.irmi.com/expert/articles/2012/hungelmann07-person...

HTH,
Bob

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Author: reallyalldone Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17705 of 17953
Subject: Re: How much liability ? Date: 12/30/2012 6:56 AM
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Thanks. I started with the insurer of my personal condo in the same town who told me they had no idea what I needed. The condo assoc insurer wanted all my personal info before giving me any information, including type of policy or quote.

I'll try my primary residence insurer next. At this point, I'm not happy with any of them and wish insurance was something where I could do an RFP for all the insurance I need instead of it being some kind of voodoo. I particularly disliked the condo insurer saying they needed my SSN before they could tell me what kind of policy I needed.

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Author: NoIDAtAll Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17706 of 17953
Subject: Re: How much liability ? Date: 12/30/2012 7:42 AM
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I started with the insurer of my personal condo in the same town who told me they had no idea what I needed.

Condo insurance is much more complex than other types of Property Insurance. Much depends on the condo association's Master Policy, whether it's a Bare Walls or All-In type of policy, applicable deductible amounts and assessment criteria.

I particularly disliked the condo insurer saying they needed my SSN before they could tell me what kind of policy I needed.

With little doubt, they wanted your SSN to figure accurate prices for you. I've seen premiums either as much as halved or more than doubled after an SSN is entered. We still are contracted with a few insurers that don't use insurance scoring, but very few - It's very much an industry-wide trend. I don't like losing a customer with a good credit score to another biding company, just because I didn't have his SSN. Customers also don't like it when the rate you quote them jumps up significantly after entering an SSN.

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Author: reallyalldone Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17707 of 17953
Subject: Re: How much liability ? Date: 12/30/2012 9:36 AM
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Condo insurance is much more complex than other types of Property Insurance. Much depends on the condo association's Master Policy, whether it's a Bare Walls or All-In type of policy, applicable deductible amounts and assessment criteria.

I knew this but it's not all that big a town with not all that many insurance people so I was surprised by the lack of knowledge. I thought that they might have done the research to have the information and be able to sell more insurance.

I don't like losing a customer with a good credit score to another biding company, just because I didn't have his SSN. Customers also don't like it when the rate you quote them jumps up significantly after entering an SSN.

I also understand this but saying they wouldn't talk to me without that information seemed again to say they have no interest in my business or actually keeping the master policy - I am already a customer paying them through the HOA. I am also able to understand a range of prices quoted depending on the "credit score."

The bottom line on all of this was that it really felt like no one wanted my business(and in both cases, I am already their customer one way or another). I will now look for an insurance agent who can handle all of my insurance needs and move it all there if possible. (Primary residence, car, umbrella, personal condo, rental townhouse, rental condo and business insurance)

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