Earthquake Coverage for Condo: Need Advice

D

dream16

New member
Hello Guys, so i am paying $600 for HO-6 policy per year for the Attached Condo and it does not include earthquake coverage. What are some of the companies that you have used and the do and don'ts to watch out for to buy the earthquake coverage.

Thanks guys,
 
dream16 said:
Attached
Click to expand...

most likely your HOA has to get EQ insurance for the entire community.  I had one wall attached unit before and that was the case. 
 
Oh nice, well that saves me the hassle of spending more money on this one now, will have to just call HOA guys and hopefully they should be covering it. Perhaps, this is the only advantage i can vouch about now of buying an "ATTACHED" condo lol.
 
All earthquake policies are from CEA, no matter the broker.  Broker has no effect on the pricing.

For a condo, you have the option of purchasing a walls-in CEA policy, which covers damage to anything inside your unit (cabinets, flooring, etc.).  HOA is responsible for all exterior/structural coverage.

Deductibles are quite high, however, so condo CEA coverage is a coin-flip IMHO.
 
gasman said:
All earthquake policies are from CEA, no matter the broker.  Broker has no effect on the pricing.

For a condo, you have the option of purchasing a walls-in CEA policy, which covers damage to anything inside your unit (cabinets, flooring, etc.).  HOA is responsible for all exterior/structural coverage.

Deductibles are quite high, however, so condo CEA coverage is a coin-flip IMHO.
Click to expand...

What is CEA? And isn't HO-6 policy already going to cover internal damages - inside the unit due to any reason incl. earthquake? My deductible is $1000, and i am paying $600/year for the standard HO-6 policy with dwelling: 80k, personaL: 40k, max liability 500k and medical covg 1k
 
dream16 said:
gasman said:
All earthquake policies are from CEA, no matter the broker.  Broker has no effect on the pricing.

For a condo, you have the option of purchasing a walls-in CEA policy, which covers damage to anything inside your unit (cabinets, flooring, etc.).  HOA is responsible for all exterior/structural coverage.

Deductibles are quite high, however, so condo CEA coverage is a coin-flip IMHO.
Click to expand...

What is CEA? And isn't HO-6 policy already going to cover internal damages - inside the unit due to any reason incl. earthquake? My deductible is $1000, and i am paying $600/year for the standard HO-6 policy with dwelling: 80k, personaL: 40k, max liability 500k and medical covg 1k
Click to expand...

Not if the damage is from an EQ.  It's honestly not worth it.
 
jmoney74 said:
dream16 said:
gasman said:
All earthquake policies are from CEA, no matter the broker.  Broker has no effect on the pricing.

For a condo, you have the option of purchasing a walls-in CEA policy, which covers damage to anything inside your unit (cabinets, flooring, etc.).  HOA is responsible for all exterior/structural coverage.

Deductibles are quite high, however, so condo CEA coverage is a coin-flip IMHO.
Click to expand...

What is CEA? And isn't HO-6 policy already going to cover internal damages - inside the unit due to any reason incl. earthquake? My deductible is $1000, and i am paying $600/year for the standard HO-6 policy with dwelling: 80k, personaL: 40k, max liability 500k and medical covg 1k
Click to expand...

Not if the damage is from an EQ.  It's honestly not worth it.
Click to expand...

Ahh ok, so what is the solution then ? I mean if the building itself crumbled in the EQ, not sure who is going to cover the internal stuff...
 
dream16 said:
jmoney74 said:
dream16 said:
gasman said:
All earthquake policies are from CEA, no matter the broker.  Broker has no effect on the pricing.

For a condo, you have the option of purchasing a walls-in CEA policy, which covers damage to anything inside your unit (cabinets, flooring, etc.).  HOA is responsible for all exterior/structural coverage.

Deductibles are quite high, however, so condo CEA coverage is a coin-flip IMHO.
Click to expand...

What is CEA? And isn't HO-6 policy already going to cover internal damages - inside the unit due to any reason incl. earthquake? My deductible is $1000, and i am paying $600/year for the standard HO-6 policy with dwelling: 80k, personaL: 40k, max liability 500k and medical covg 1k
Click to expand...

Not if the damage is from an EQ.  It's honestly not worth it.
Click to expand...

Ahh ok, so what is the solution then ? I mean if the building itself crumbled in the EQ, not sure who is going to cover the internal stuff...
Click to expand...

Just start saving up a fund for repairs. If it's the building you gotta hope Hoa or female fan help. Lol
 
jmoney74 said:
dream16 said:
gasman said:
All earthquake policies are from CEA, no matter the broker.  Broker has no effect on the pricing.

For a condo, you have the option of purchasing a walls-in CEA policy, which covers damage to anything inside your unit (cabinets, flooring, etc.).  HOA is responsible for all exterior/structural coverage.

Deductibles are quite high, however, so condo CEA coverage is a coin-flip IMHO.
Click to expand...

What is CEA? And isn't HO-6 policy already going to cover internal damages - inside the unit due to any reason incl. earthquake? My deductible is $1000, and i am paying $600/year for the standard HO-6 policy with dwelling: 80k, personaL: 40k, max liability 500k and medical covg 1k
Click to expand...

Not if the damage is from an EQ.  It's honestly not worth it.
Click to expand...

Especially if it's an attached condo.
 
USCTrojanCPA said:
jmoney74 said:
dream16 said:
gasman said:
All earthquake policies are from CEA, no matter the broker.  Broker has no effect on the pricing.

For a condo, you have the option of purchasing a walls-in CEA policy, which covers damage to anything inside your unit (cabinets, flooring, etc.).  HOA is responsible for all exterior/structural coverage.

Deductibles are quite high, however, so condo CEA coverage is a coin-flip IMHO.
Click to expand...

What is CEA? And isn't HO-6 policy already going to cover internal damages - inside the unit due to any reason incl. earthquake? My deductible is $1000, and i am paying $600/year for the standard HO-6 policy with dwelling: 80k, personaL: 40k, max liability 500k and medical covg 1k
Click to expand...

Not if the damage is from an EQ.  It's honestly not worth it.
Click to expand...

Especially if it's an attached condo.
Click to expand...

So is it a no-way out or do i have an option to buy EQ coverage? For how much?
 
dream16 said:
USCTrojanCPA said:
jmoney74 said:
dream16 said:
gasman said:
All earthquake policies are from CEA, no matter the broker.  Broker has no effect on the pricing.

For a condo, you have the option of purchasing a walls-in CEA policy, which covers damage to anything inside your unit (cabinets, flooring, etc.).  HOA is responsible for all exterior/structural coverage.

Deductibles are quite high, however, so condo CEA coverage is a coin-flip IMHO.
Click to expand...

What is CEA? And isn't HO-6 policy already going to cover internal damages - inside the unit due to any reason incl. earthquake? My deductible is $1000, and i am paying $600/year for the standard HO-6 policy with dwelling: 80k, personaL: 40k, max liability 500k and medical covg 1k
Click to expand...

Not if the damage is from an EQ.  It's honestly not worth it.
Click to expand...

Especially if it's an attached condo.
Click to expand...

So is it a no-way out or do i have an option to buy EQ coverage? For how much?
Click to expand...

This will add more expenses to you losing money venture.
 
I know for mid or high-rise condos, most HOA's in CA do not have quake insurance on those. The premium is crazy...for my condo in the bay area it'd cost the 123 homeowners an extra $110/mo (bringing our HOA to $550/mo).
 
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