Master Condo Insurance and Landscaping

Started by AmyS13 • 6 replies • 1426 views

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AmyS13 (Virginia)
Posts: 3

Posted:

How much does appearance,including poor landscaping, effect condo master coverage cost?

SheliaH (Indiana)
Posts: 6,964

Posted:

Ask your agent.

I would think the carrier is more concerned with the number and cost of claims filed. Just like your car insurance, the premium can go up or the policy cancelled if there are too many of them within a short period of time and/or the claims were for huge amounts of money.

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

MarkM31 (Washington)
Posts: 351

Posted:

Quote:

Posted By AmyS13 on 11/08/2015 4:52 PM
How much does appearance,including poor landscaping, effect condo master coverage cost?

Between $27 and $41, on average.

LarryB13 (Arizona)
Posts: 4,099

Posted:

Quote:

Posted By AmyS13 on 11/08/2015 4:52 PM
How much does appearance,including poor landscaping, effect condo master coverage cost?

Amy,

I suspect that you have a reason for asking this question. What can you tell us about the situation?

My knowledge of insurance is pretty sketchy but I believe rates are set based on the insurer's experience with similar properties. It is doubtful that the person who set the rates has ever seen your property.

BTW, when going through a refi on my home several years ago I asked the appraiser how much landscaping and curb appeal factor into the estimated value. His response: Not a bit.

AmyS13 (Virginia)
Posts: 3

Posted:

thanks all. I'm just getting started with my questions, as I'm a new board member. I know insurance rates are getting higher but I think there is always a need for reducing cost and perhaps negotiating. If anyone has a knack at negotiating condo master policy insurance premiums I'd certainly appreciate it.

Thanks for the good answers thus far.

KerryL1 (California)
Posts: 14,550

Posted:

Even though I'm on the board of a high rise condo project, I know little about insurance. As Sheila points out, rates, seem to based on the number of claims.
We had a big claim a few years ago and our premiums went up $5,000/yr. for five years because of it!

We don't have many condo HOA folks here, Amy.

DouglasK1 (Florida)
Posts: 2,046

Posted:

Quote:

Posted By AmyS13 on 11/09/2015 11:23 AM
thanks all. I'm just getting started with my questions, as I'm a new board member. I know insurance rates are getting higher but I think there is always a need for reducing cost and perhaps negotiating. If anyone has a knack at negotiating condo master policy insurance premiums I'd certainly appreciate it.

Thanks for the good answers thus far.

More than likely, insurance companies won't negotiate. To find the best rates, get as many quotes as possible.

Escaped former treasurer and director of a self managed association.

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